- As discussed in Last analysis 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. As seen in below gann chart, Bank Nifty opened at the gann resistance line also opened below 20155 suggesting correction on cards as we discussed, low made 19861 and by Monday we should get our target of 19800/19700. Bank Nifty is trading in a range 20250-19700 doing time correction before the next trending move. Bulls will get active on close above 20155 and bears on close below 19700. With self-confidence & Perseverance, Never Give Up
- Bank Nifty Sep Future Open Interest Volume is at 22.3 lakh with addition of 1 lakh, with fall in Cost of Carry suggesting short 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 ?
- 20500 CE is having highest OI @8.8 resistance at 20500. 19000-21000 CE saw 10 lakh addition in OI so bears added aggressively in 20000-20500 CE
- 19000 PE is having highest OI @11.1 Lakh, strong support at 19000 followed by 19500, Bulls added 1.5 Lakh in OI in 18500-20500 PE so bulls still holding on to support in zone of 19800-19900 zone.
Buy above 19970 Tgt 20050,20150 and 20240(Bank Nifty Spot Levels)
Sell below 19900 Tgt 19800,19700 and 19520 (Bank Nifty Spot Levels)
Click Here to Like Facebook Page get Real time updates
Click Here to Join me on Twitter