Bank Nifty Bulls protect 23400 ahead of Fed Policy

By | June 14, 2017
  • As discussed in Last Analysis   Low made today was 23446 and closed at 23477 so bulls again protected the range of 23470-23480 and we have crucial day tomorrow, if we held on to this range we can rally back to 23760/23904. Break of 23400 can see fast fall towards 23300/23170/23000. Low made today was 23399.40 so bulls again protected 23400, and also closed above 23477 level, suggesting underlying strength is bullish and holding the 23400 levels we can rally back to 23760/23904. Bearish below 23400 for a move towards 23300/23170/23000.  Trading is hard, very hard, damn hard

  • Bank Nifty June Future Open Interest Volume is at 26.1 lakh with liquidation of 1 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @22660, closed above it.
  • 23500 CE is having highest OI @5.4 Lakh resistance at 23700 followed 24000. 22500-24500 PE added 0.31 lakh so Bears continue to add position at higher level.
  • 23000 PE is having highest OI @11.1 Lakh, strong support at 23000 followed by 22800, Bulls added 2.84 Lakh position in OI in range of 22500-24500 making strong base in range of 23000-23200.

Buy above 23500 Tgt 23580,23700 and 23770 (Bank Nifty Spot Levels)

Sell below 23400 Tgt 23320,23250 and 23100 (Bank Nifty Spot Levels)

Click Here to Like Facebook Page get Real time updates

Click Here to Join me on Twitter

Leave a Reply