Bank Nifty Bulls Bears keep fight on, Which side will give up ?

  • As discussed in Last analysis  Bulls need close above 19367  for target of 19650/19766, Bears below 19000 for target of 18800/18500. Till 19158 is not broken its buy on dips market. Low made was 19134 , High near 19358, Bank Nifty bears unable to break 19158 and Bulls were unable to close above 19367 suggesting fight is on in between both of them, Bulls need a close above 19367 and bears below  19158. How to create new habits?

bank_impulsive vertical line move

  • Bank Nifty Sep Future Open Interest Volume is at 20.5  lakh with addition of 0.68 lakh, with rise in Cost of Carry suggesting long positions were entered today. Bank nifty closed below Rollover cost  19450  Do you know your Risk of Ruin in trading ?
  • 20000 CE is having highest OI @5.97 Lakh resistance formation @20000. 18500-20500 CE saw 5.1 lakh addition in OI so bears added heavily in 19500-20000 CE.
  • 19000 PE is having highest OI @4.3 Lakh, strong support at 19000 followed by 18800, Bulls added 5.7  Lakh in OI in 18000-12000 PE  so bulls making support in zone of 18500-19000 zone.

Buy above 19250 Tgt 19325,19450 and 19550 (Bank Nifty Spot Levels)

Sell below 19080 Tgt 19010,18950  and 18880 (Bank Nifty Spot Levels)

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