Bank Nifty Technical Set up as we approach 10 Nov Time Cycle Date

• As discussed in Last Analysis  Bearish below 25150 for a move towards 25000/24700. Bank Nifty broke 25150 today but failed to close below it, Till 25150 is held bulls have change to come back in the game and scale towards 25500/25700. Bearish below 25150 for a move towards 25000/24800. Low made today was 25166 so bulls were able to hold 25150 and were rewarded with a move of 200 points. As we have another major trend change date tommrow so time to be cautious again, Bearish below 25150 for a move towards 25000/24800.  Bullish above 25410 for a move towards 25550/25700. Demonetization has been beneficial to Stock Market

• Bank Nifty Nov Future Open Interest Volume is at 22.8 lakh with addition of 0.07 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24786,closed above it.
  

• 25500 CE is having highest OI @5.6 Lakh resistance at 25500 followed 26000.24500-26500 CE added 0.12 lakh in OI so bears added position as bank nifty continue to trade 25500.
  

 

• 25000 PE is having highest OI @16.5 Lakh, strong support at 25000 followed by 24800.24500-26500 PE liquidated 0.81 lakh in OI so bulls getting nervous as bank nifty is on verge of breaking 25150.

 

• Bank Nifty Futures Trend Deciding level is 25372 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 25275. How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 

Buy above 25250 Tgt 25350,25440 and 25560 (Bank Nifty Spot Levels)

Sell below 25150 Tgt 25060,25000 and 24900 (Bank Nifty Spot Levels)