SC hearing on Loan Moratorium:Bank Nifty Analysis

  • As Discussed in Last Analysis 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. 23446 done now waiting for 23200/23000 till we are below 23555. Bulls need to move above 23666 for a move back to 23900/24100/24300.

  • Bank Nifty Oct Future Open Interest Volume is at 16.6 lakh with addition of 0.34 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @21225 closed above it.
  • 24000 CE is having highest OI @10 Lakh resistance at 24000 followed 24200.23000-25000 CE added 18 Lakh in OI so bears added position in the zone of 24000-24500
  • 23000 PE is having highest OI @12 Lakh, strong support at 23300 followed by 23000.22000-23000 PE added 5 Lakh OI so bulls making support in the range of 22500-23000.

Buy Above 23610 Tgt 23701,23812 and 23920 (Bank Nifty Spot Levels)

Sell Below 23420 Tgt 23333,23222 and 23076 (Bank Nifty Spot Levels)

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