- As discussed in Last Analysis Bullish above 24510 for a move towards 24750/25000.IN between 24200-24510 ping pong continues. Next 2 days are very crucial as per time cycle, Hopefully we can see breakout/breakdown soon.High made was 24413 and low made was 24246 so again bank nifty traded in the range of 24200-24500 so the ping pong move continues. Bullish above 24510 for a move towards 24750/25000.IN between 24200-24510 ping pong continues. Build up your confidence as a trader
- Bank Nifty Sep Future Open Interest Volume is at 18.8 lakh with addition of 1Lakh, with increase in Cost of Carry suggesting Long positions were added today. Bank nifty Rollover cost @24345 closed above it. Trading around rollover price for so long big move can come anytime.
- 24500 CE is having highest OI @9.4 Lakh resistance at 24500 followed 25000. 24000-26000 CE liquidated 3.3 lakh so bears added major position in 24500/25000 CE.
- 24000 PE is having highest OI @8.4 Lakh, strong support at 24000 followed by 23800, Bulls added 1 Lakh position in OI in range of 24000-26000.
- Bank Nifty Futures Trend Deciding level is 24390 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 24356 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 24350 Tgt 24430,24510 and 24620(Bank Nifty Spot Levels)
Sell below 24250 Tgt 24180,24100 and 23950 (Bank Nifty Spot Levels)
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wave iv in progress
iii completed @ 25200 on 2nd Aug……from 9th Aug till date 7th sep. sideways 24520 to 23820 range of 700 points. tentative target for wave iv is at 21300 to 20300 this could take months expected time till march 2018. This reading would be nullified if BNK Nifty breaks 25200 levels
We enjoyed one sided up move from 18200 to 25200 that is wave iii from Dec.2016..
Side ways market always frustrates