Bank Nifty Analysis for RBI Policy

  • As Discussed in Last Analysis  22651 done below 22801 and bulls were able to close above 22900 now waitng for 23131/23300/23555. Bears will get active below 22822 for a move back to 22700/22555/22400. RBI Policy will be uneviled tommrow at 10 AM, Bulls need to move above 23270 for a move back to 23400/23610. Bears will get active vbelow 23150 for a move back to 23020/22848/22666.

  • Bank Nifty Oct Future Open Interest Volume is at 14.8 lakh with addition of 3.1 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @21225 closed above it.
  • 23500 CE is having highest OI @8 Lakh resistance at 23500 followed 23800.23000-24000 CE added 12 Lakh in OI so bears added position in the zone of 23000-23500
  • 22500 PE is having highest OI @12 Lakh, strong support at 22500 followed by 2280.22000-23000 PE added 15 Lakh OI so bulls making support in the range of 22500-23000.

Buy Above 23260 Tgt 23400,23610 and 23790 (Bank Nifty Spot Levels)

Sell Below 23150 Tgt 23020,22888 and 22650 (Bank Nifty Spot Levels)

Leave a Reply