Nifty Bank EOD Analysis for 01 Oct

  • As Discussed in Last Analysis;   We can see a big move in Nifty Bank as we have a monthly closing and time cycle date of Nifty Bank suggesting we should see a good move. Bulls now need a close above 29970 for a move back to 30143/30300/30528. Bears will get active below 29700 for a move back to 29538/29367. We got the big move as per expectation and hit all targets below 29367. Now Nifty Bank Bulls need to close above 29200 for a move back to 29430/29666/29825. Bears will get active below 29100 for a move back to 28900/28711/28520. IF today’s low is held, we can rally back to 29800.

  • Nifty Bank Oct Future Open Interest Volume is at 13.2 lakh, with an addition of 3.6 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.
  • 30500 CE is having a highest OI @2.2 Lakh, resistance at 30500, followed by 30000. 30000-31000 CE added 1.5 Lakh in OI, so bears added positions in the zone of 29800-30000.
  • 29000 PE is having a highest OI @4.2 Lakh, strong support at 29100, followed by 28900. 29000-31000 PE added 1.6 Lakh OI, so bulls are creating support in the range of 28900-29100.

Buy above 29172 Tgt 29267,29445 and  29590 (Nifty Bank Spot Levels)

Sell below 29100 Tgt 28950,28779 and 28600 (Nifty Bank Spot Levels)