- As discussed in Last analysis Bulls need a close above 19928 to be back in the game for target of 20155, Any close above 20155 will take us towards 20576/20600 levels. Bears below 19700 can push bank nifty towards 19451. Bulls need a close above 19928 for a move towards 20155/20380. Bears will get active only below 19700 for target of 19451. Bank Nifty did not close above 19928 also above the gunner arc,also below 19700 suggesting we are trading in range as we have meeting of central bank of US,EU and Japan on Wednesday and Thursday,suggesting market will wait for uncertainty to go by before taking next move, Keep an eye on our trigger level for next 2 trading sessions. Bank Nifty opened above 19928 made a high of 20264 but closed below 20155, today high is very important and unable to close above it tomorrow can see correction back till 19800-19700 zone. Bullish only on close above 20155 for target of 20500. The Ten Tasks of Top Traders
- Bank Nifty Sep Future Open Interest Volume is at 21.5 lakh with addition of 0.18 lakh, with rise in Cost of Carry suggesting long positions were added today. Bank nifty closed above Rollover cost ,rallied 1000 points before this correction. Do you know your Risk of Ruin in trading ?
- 20000 CE is having highest OI @7.6 resistance at 20000. 19000-21000 CE saw 3.5 lakh addition in OI so bears added aggressively in 20200 CE
- 19000 PE is having highest OI @11.6 Lakh, strong support at 19000 followed by 19500, Bulls added 0.63 Lakh in OI in 18500-20500 PE so bulls still holding on to support in zone of 19800-19900 zone.
Buy above 19890 Tgt 19950,20030 and 20110(Bank Nifty Spot Levels)
Sell below 19700 Tgt 19650,19550 and 19450 (Bank Nifty Spot Levels)
Click Here to Like Facebook Page get Real time updates
Click Here to Join me on Twitter