Bank Nifty Analysis for 20 Oct

  • Bank Nifty has finally closed above 200 DMA and is now approaching the gann angle resistance,We have important astro cycle tommrow so another big move is coming. Bank Nifty Bulls need to move above 24336 for a move back to 24493/24649. Bears will get active below 24020 for a move back to 23871/23716.

  • Bank Nifty Oct Future Open Interest Volume is at 15.1 lakh with addition of 0.15 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @21225 closed above it.
  • 24500 CE is having highest OI @10 Lakh resistance at 24500 followed 24800.23000-25000 CE added 8 Lakh in OI so bears added position in the zone of 24000-24500
  • 23500 PE is having highest OI @10 Lakh, strong support at 23500 followed by 230000.23000-25000 PE added 15 Lakh OI so bulls making support in the range of 24000-23800.

Buy Above 24320 Tgt 24450,24666 and 24800 (Bank Nifty Spot Levels)

Sell Below 24100 Tgt 24000,23910 and 23850 (Bank Nifty Spot Levels)

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