- As discussed in last analysis Bank Nifty reacted from gann line of resistance and is heading towards the first support of 17000 and ultimate target of green arc as shown in below chart around 16700/16650. Low made today 16650 exactly at green arc as shown in below chart before RBI policy, and saw the huge bounce after RBI Cuts Repo Rate by 50 bps– Full Text . After the initial rise Bank Nifty took resistance at pyrapoint 90 degree line as shown in 2 chart and closed below the gann trendline. We need close above gann trendline for bullish mode else we can again correct back to 16600/16300 odd levels.
- Bank Nifty October Future Open Interest Volume is at 25.5 lakh with addition of 3.5 Lakh with decrease in CoC suggesting short position were added today. Rollover cost @17334.
- 18000 CE OI at 5.04 lakh , wall of resistance @ 18000 .17500 CE added 68 K lakh so bears started building positions @17500 and will be difficult to cross, high made today was 17461. 17000-18000 CE added 2 Lakh in OI
- 17000 PE OI@ 44.9 lakhs strong base @ 17000 at start of series. 16500/17000 PE added 1.1 lakh so bulls making base strong at lower level at start of series but not strong as OI addition is quiet less. If 17000 is broken and sustained we can see move towards 16500, today again 17000 was protected on closing basis.
- Bank Nifty Futures Trend Deciding level is 17202 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17274How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 17300 Tgt 17460,17572 and 17700 (Nifty Spot Levels)
Sell below 17080 Tgt 16950,16800 and 16650 (Nifty Spot Levels)
Levels mentioned are Bank Nifty Spot Levels
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Thank you for the analysis. It’s a sign that we are entering a bear market, when the market can’t take out previous days losses after a 50 bps rate cut . More new lows likely as the market won’t easily cross 7850.