Bank Nifty trades in small range,EOD Analysis

  • 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 and 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 3 trading sessions.     EVERY SUCCESS STORY IS ALSO A STORY OF GREAT FAILURE
  • Bank Nifty Sep Future Open Interest Volume is at 21.8 lakh with liquidation of 0.23 lakh, with fall in Cost of Carry suggesting long positions were closed 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 1.52  lakh addition in OI so bears added aggressively in 20500-21000.
  • 19000 PE is having highest OI @11.3 Lakh, strong support at 19000 followed by 19500, Bulls liquidated 0.22 Lakh in OI in 18500-20500 PE  so bulls still holding on to support in zone of 19800-19900 zone.

Buy above 19950 Tgt 20000,20075 and 20160(Bank Nifty Spot Levels)

Sell below 19830 Tgt 19760,19700 and 19600 (Bank Nifty Spot Levels)

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