- As discussed in Last Analysis Bearish below 24928 for a move towards 24840/24600. High made today was 25186 near all time high of 25197 and our target of 25200, but still bulls are not able to close above 25050, Bulls need a close above this level for next move towards 25200/25560/25920. Bearish below 24928 for a move towards 24840/24600/24476/24000. As per time analysis 27 Oct is another important trend change date for Bank nifty. As Bulls were unable to close above 25050,we had gap down opening and once below 24928 bears did the first target of 24840 near the gann angle support. Till we are below 24928 bears have upper hand can push nifty towards 24600/24476/24000.Bullish above 25050 for next next move towards 25200/25560/25920. As we have time cycle turn date so high and low of Friday is important, break of high and low can easily give 250-300 points. Do everything with trust
- Bank Nifty Nov Future Open Interest Volume is at 16.8 lakh with liquidation of 0.11 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24786,closed above it.
- 25000 CE is having highest OI @5.5 Lakh resistance at 25000 followed 25500.24000-26000 CE added 1.5 lakh in OI so bears added good amount of position as bank nifty trade below 25000.
- 24500 PE is having highest OI @13.9 Lakh, strong support at 24000 followed by 23800.24000-26000 PE added 4.2 lakh in OI so bulls added position in lower end of range.
- Bank Nifty Futures Trend Deciding level is 24997 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 25045 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 24900 Tgt 24960,25050 and 25150 (Bank Nifty Spot Levels)
Sell below 24800 Tgt 24750,24670 and 24580 (Bank Nifty Spot Levels)
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Very nice analysis as always