Bank Nifty gives breakout,EOD Analysis

• As we have been discussing in past few analysis 17850 is breakout area for 18050/18144 and 17350 is breakdown area for 17177/17000, In between its pure consolidation mode.  As seen in below 2 charts which shows Breakout given by Bank nifty now we need to observe price actio near 18050 and 18144 for further clues about the current move.  Motivational: Don’t Lie to Yourself
  

 

• Bank Nifty October Future Open Interest Volume is at 24  lakh with addition of 0.62 Lakh with increase in CoC suggesting long  position were added today. Rollover cost @17334, and bank nifty closed above it but near rollover price.
  

• 18500  CE  OI at 7.5  lakh with liquidation of 0.42  lakh suggesting , wall of resistance @ 18500 .17500 CE liquidated 0.03 lakh so bears liquidated positions in 17500 CE. 17000-18000 CE liquidated 0.55  Lakh, so Bears liquidated position which were added yesterday.
  

• 17000 PE OI@ 6.9 lakhs  strong base @ 17000.  16500/17000 PE  added 1.54  lakh so bulls wrote aggresilvely indicating  bank nifty can cross 18000. 16500/17500 PE added 1.84 lakh aggresive addition seen by bulls .
  

• Bank Nifty Futures Trend Deciding level is 17820 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17534 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .

 

Buy above 17950 Tgt 18040,18140 and 18300 (Bank Nifty Spot Levels)

Sell below 17800 Tgt 17700,17580 and 17450 (Bank Nifty Spot Levels)

 

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