Bank Nifty Analysis for 07 Oct

  • As Discussed in Last Analysis  Now Bulls need to move above 22300 for the upmove to continue towards 22470/22697/22900. Bears will get active below 22050 for a move back to 21842/21666/21450. 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

  • 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.
  • 22500 CE is having highest OI @14 Lakh resistance at 22500 followed 23000.21000-23000 CE added 5 Lakh in OI so bears added position in the zone of 21500-21800
  • 21500 PE is having highest OI @11 Lakh, strong support at 21700 followed by 21500.20000-22000 PE added 15 Lakh OI so bulls making support in the range of 21000-21200.

Buy Above 22416 Tgt 22505,22650 and 22800 (Bank Nifty Spot Levels)

Sell Below 22300 Tgt 22155,22050 and 21940 (Bank Nifty Spot Levels)

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