Bank Nifty Oct Monthly Closing Analysis

  • As Discussed in Last Analysis  Now Bulls need to break 23930 for a move back to 23700/23500/23210. Bulls will get active above 24300 for a move back to 24420/24656/24800. Bank Nifty formed DOJI  shown below suggesting we can see upmove, Bulls need to move above 24200 for a move back to 24346/24450/24601. Bears below 23970 for a move back to 23829/23600/23400. Tommrow is monthly closing so Bulls would like to close above 24300 atleast. 

  • Bank Nifty Nov Future Open Interest Volume is at 15.8 lakh with addition of 3.9 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @24264 closed below it.
  • 24500 CE is having highest OI @10 Lakh resistance at 24500 followed 24800.23000-25000 CE added 12 Lakh in OI so bears added position in the zone of 24800-25000
  • 23500 PE is having highest OI @18 Lakh, strong support at 23500 followed by 23200.23000-25000 PE added 15 Lakh OI so bulls making support in the range of 23500-23800.

Buy Above 24200 Tgt 24333,24500 and 24600 (Bank Nifty Spot Levels)

Sell Below 23970 Tgt 23850,23700 and 23555 (Bank Nifty Spot Levels)

Leave a Reply