Bank Nifty Forms DOJI before Time Cycle Date

  • As discussed in Last Analysis;  Now Bulls need a close above 29250 for the rally to continue till 29500/29666/29800. Bears will get active below 29070  for a move back to 28900/28700/28500. 29666 has been reached, and now we have formed a DOJI at the gann angle resistance zone; Since we have an important time cycle date tomorrow, we should be ready for a big move in Nifty Bank. Bulls need a close above 29450 for the rally to continue till 29584/29750/29929. Bears will get active below 29240, for a move back to 29071/28900.

  • Intraday time for a reversal can be at 9:24/10:26/11:18/12:05/1:34/2:34 
  • Nifty Bank Oct Future Open Interest Volume is at 12.5  lakh with a liquidation of 0.41 Lakh, with an increase in the Cost of Carry suggesting long positions were added today. Nifty Bank Rollover cost is @30213 and closed below it.
  • 29500 CE is having a highest OI @3.2 Lakh, resistance at 29500, followed by 30000. 28000-31000 CE liquidated 0.8 Lakh in OI, so bears covered positions in the zone of 29300-29500.
  • 28500 PE is having a highest OI @3.5 Lakh, strong support at 28800, followed by 28500. 27000-30000 PE added 2.6 Lakh OI, so bulls are creating support in the range of 28800-29000.
  • Nifty Bank Futures Trend Deciding level is at 29493  (For Intraday Traders). The BNF Trend Changer Level (Positional Traders) is 28845  

Buy above 29450 Tgt 29600,29750 and  29900 (Nifty Bank Spot Levels)

Sell below 29350 Tgt 29230,29100 and 28900 (Nifty Bank Spot Levels)