NIFTY BANK Daily Technical Analysis

By | October 12, 2021 8:15 pm

As discussed in Last Analysis  Now Todays High and Low are important for next move of 1000-1500 points in Bank Nifty. Saturn is an outer plannet and it impacts long term cycle on market as discussed in below video. Bulls need to close above 38377 for a move towards 38496/38610/38729. Bears will have chance below 38230 for a move back to 38120/38001/37860.  High made was 38610 so Bulls were able to do 2 target on upside and we were able to close above Saturn Astro date high now waiting for target of 38729/38857/39000. Bears will get active below 38225 for a move back to 37960/37800.

  • Bank Nifty Oct Future Open Interest Volume is at 16.1 lakh with addition of 0.84 Lakh contract , with increase in Cost of Carry suggesting  LONG positions were added today.
  • For Swing Traders Once Bank Nifty closed above 38377 we can see move towards 38855/39304 as per gann cycle. Waiting for 38855 till we are holding 38377.  
  • MAX Pain is at 38400 PCR at 0.86, Price has closed above  38522 upper end of Rollover range Bullish sign,
  • The Option Table data indicates decent support at 38300 and reasonable resistance at 39000.
  • For Positional Traders Stay long till we are holding Trend Change Level 37882 and stay short below it. That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 38432 will act as a Intraday Trend Change Level. 

Buy Above 38610 Tgt 38705, 38890 and 39040 (Bank Nifty Spot Levels)

Sell Below 38470 Tgt 38377, 38240 and 38060 (Bank Nifty Spot Levels)

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