- As discussed in Last analysis Now Bulls again need close above 19158 for move towards 19500 and bear will get active only on close below 18500, in between its just time correction. Bank Nifty closed above 19000 for second day in a row but failed close 19150 high made was 19138, It has been 25 days bank nifty is trading in range of 600 points 18450-19150 , suggesting break and close above 19150 or 18450 can see fast move of 600 points, Bank nifty finally broke the 600 point range as shown in the 3 chart and target is mentioned, Bulls now need a close above 19367, Also Butterfly pattern suggests target of 19600 and on Gann arc Bank Nifty closed above the red double arc suggesting close above 19367 we can see fast move towards 19600/19700. Bulls need close above 19367 for target of 19650/19766, Bears below 19000 for target of 18800/18500. Do You Trade Market or Your Emotions?
- Bank Nifty Aug Future Open Interest Volume is at 22.1 lakh with addition of 1.7 lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty closed above Rollover cost 19030,fired 300 points. Do you know your Risk of Ruin in trading ?
- 19500 CE is having highest OI @8 Lakh resistance formation @19500. 18500-20500 CE saw 5.1 lakh addition in OI so bears added heavily in 19400-19500 CE.
- 18500 PE is having highest OI @7 Lakh, strong support at 18500 followed by 19000, Bulls added huge 10 Lakh in OI in 17500-19500 PE so bulls making support in zone of 18800-19000 zone.
Buy above 19380 Tgt 19450,19550 and 19700 (Bank Nifty Spot Levels)
Sell below 19250 Tgt 19170,19058 and 18980 (Bank Nifty Spot Levels)
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