Mars at Opposition:Bank Nifty Analysis

  • As Discussed in Last Analysis All Bullish target done and we have seen a perfect view from 1 gann angle to another gann angle as seen in below chart, Now we are entering a crucial price and time zone so time to be cautious. Bulls now need to move  24025 for a move back to 24125/24400/24669. Bears once below 23610 can see 23425/23225/23000. Price has reacted from the Gann Resistance angle, Tommrow is Mars at Opposition, Mars generally create Havoc in Financial Market so time to be cautious. Bulls need to move above 23900 for a move back to 24100/24225/24456. Bears will get active below 23555 for a move back to 23446/23200/23000

  • Bank Nifty Oct Future Open Interest Volume is at 16.2 lakh with addition of 0.18 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @21225 closed above it.
  • 24300 CE is having highest OI @10 Lakh resistance at 24300 followed 24500.23000-25000 CE added 18 Lakh in OI so bears added position in the zone of 24000-24500
  • 23500 PE is having highest OI @12 Lakh, strong support at 23500 followed by 23300.23000-23000 PE added 5 Lakh OI so bulls making support in the range of 22500-23000.

Buy Above 23770 Tgt 23871,24000 and 24100 (Bank Nifty Spot Levels)

Sell Below 23666 Tgt 23555,23446 and 23200 (Bank Nifty Spot Levels)

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