Sun Ingress Impact on Bank Nifty

  • As Discussed in Last Analysis  Bulls need a close above 24649 for a move back to 24850/24964/25281 levels. Bears will get active below 24500 for amove back to 24336/24215/24050. Bank Nifty has formed Inside Bar,unable to cross gann angle resistance, today was Sun Ingress suggesting good move should be seen in next 2 trading sessions. Bulls need to move above 24700 for a move back to 24850/24964/25281. Bears will get active below 24250 for a move back to 24050/23820/23666.

  • Bank Nifty Oct Future Open Interest Volume is at 14.8 lakh with liquidation of 0.11 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @21225 closed above it.
  • 25000 CE is having highest OI @18 Lakh resistance at 24800 followed 25000.23000-25000 CE added 22 Lakh in OI so bears added position in the zone of 24500-25000
  • 24300 PE is having highest OI @18 Lakh, strong support at 24300 followed by 24000.23000-25000 PE added 15 Lakh OI so bulls making support in the range of 24000-24200.

Buy Above 24700 Tgt 24800,24939 and 25040 (Bank Nifty Spot Levels)

Sell Below 24470 Tgt 24385,24270 and 24125 (Bank Nifty Spot Levels)

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