Bank Nifty Back to Gann Angle Resistance

  • As Discussed in Last Analysis Next week will be volatile move due to US Elections and we should see a swing of 8-10 % in next week, Bulls now need to move above 24025 for a move towards 24300/24600/24800 . Bears below 23800 can see fall back to 23583/23400/23265.Low made today was 24120 and all target are done on Upside and we got the 4% move and back to gann angle resistance. Bulls now need to move above 24964 for a move back to 24964 for a move back to 25123/25281/25441/25600. Bears will get active below 24610 for a move back to 24444/24300/24100. 

  • Bank Nifty Nov Future Open Interest Volume is at 17.6 lakh with addition of 0.34 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @24264 closed above it.
  • 25500 CE is having highest OI @5.1 Lakh resistance at 25300 followed 25500.23000-25000 CE added 4.1 Lakh in OI so bears liqudated position in the zone of 25000-25500
  • 24000 PE is having highest OI @8.1 Lakh, strong support at 24000 followed by 23500.23000-25000 PE added 22 Lakh OI so bulls making support in the range of 23500-23800.

Buy Above 24930 Tgt 25120,25300 and 25735 (Bank Nifty Spot Levels)

Sell Below 24800 Tgt 24666,24500 and 24250 (Bank Nifty Spot Levels)

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