- As discussed in Last Analysis Bank Nifty made low of 23611 failed to do our target 23540 and saw a ferocious bounce back and closed above 24000, Now bulls should move above 24101 for a move towards 24300/24480. Bearish below 23963 for a move towards 23800/23600. As we have Weekly/Monthly/Quarterly closing tommrow bulls will be happy to close above 24000. Bears below 23850. Low made was 24004, and high was 24227 near gann arc as shown in below charts, Range of 23963-24270 will be a dicey range to trade with, So breakout trades should long above 24270 for a move till 24358/24480/24750. Bearish below 23960 for a move till 23780/23510. 04 Oct is crucial trend change date as per time cycle. Happy Dussehra
- Bank Nifty Oct Future Open Interest Volume is at 22.9 lakh with addition of 1.2 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24098 closed below it.
- 24500 CE is having highest OI @6.6 Lakh resistance at 24500 followed 24300.23500-25500 added 1.4 lakh in OI so bears making resistance in range of 24300-24500.
- 24000 PE is having highest OI @5.7 Lakh, strong support at 23800 followed by 24000.23500-25500 added 3 lakh in OI so bulls making support in range of 24300-24500.
- Bank Nifty Futures Trend Deciding level is 24167 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 24029 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 24100 Tgt 24185,24270 and 24350 (Bank Nifty Spot Levels)
Sell below 23960 Tgt 23870,23740 and 23600 (Bank Nifty Spot Levels)
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24270 is very critical. A close above will take to T1 24350. Then only 24480.
Will bank Nifty catch 24500 before 5oct expiry???