- 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 finally closed above 19000 after intraday volatility, 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 suggesting time correction is taking place and we have been discussing the same in past analysis. Bulls need close above 19158 for targetof 19500/19650, Bears below 18450 for target of 18222/18000. Are you suffering from “Need to Be In a Trade” Syndrome
- Bank Nifty Aug Future Open Interest Volume is at 19.02 lakh with addition of 0.79 lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty closed above Rollover cost 19030. Do you know your Risk of Ruin in trading ?
- 19500 CE is having highest OI @5.4 Lakh resistance formation @19500. 18500-20500 CE saw 0.44 lakh addition in OI so bears added heavily in 18900-19000 CE.
- 18500 PE is having highest OI @5.4 Lakh, strong support at 18500 followed by 18000, Bulls added 2.7 Lakh in OI in 17500-19500 PE so bulls making support in zone of 18500-18600 zone.
Buy above 19000 Tgt 19070,19158 and 19250 (Bank Nifty Spot Levels)
Sell below 18850 Tgt 18777,18660 and 18590 (Bank Nifty Spot Levels)
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