Bank Nifty Analysis for 07 Oct

  • As Discussed in Last Analysis  Another gap up open and we made a small double top at 22770. Range of 22750-22770 is important supply zone. Now Bulls need to move above 22420 for the upmove to continue towards 22525/22666/22800. Bears will get active below 22300 for a move back to 22150/22025/21940. 22800 also done, Now we have an important astro date today, Bulls need to move above 22900 for the upmove to continue towards 23104/23400/23666. Bears below 22801 for a move back to 22651/22500/22351.

  • Bank Nifty Oct Future Open Interest Volume is at 14.2 lakh with liquidation of 0.44 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @21225 closed above it.
  • 23000 CE is having highest OI @12 Lakh resistance at 23000 followed 23300.21000-23000 CE added 5 Lakh in OI so bears added position in the zone of 22800-23100
  • 22000 PE is having highest OI @12 Lakh, strong support at 22000 followed by 21800.21000-23000 PE added 15 Lakh OI so bulls making support in the range of 21000-21200.

Buy Above 22900 Tgt 23000,23128 and 23350 (Bank Nifty Spot Levels)

Sell Below 22800 Tgt 22707,22618 and 22400 (Bank Nifty Spot Levels)

Leave a Reply