- As discussed in Last Analysis Bank Nifty did a new life high above our breakout level of 23540 cool move of 400 points captured in 2 days based on time cycle ,now till we are holding 23716 we are heading towards 24025/24336. Bearish below 23700 for a move towards 23400/23100. Bank Nifty finally did our target of 24025 and closed above 24000, its was a fun ride in this current bull market with price and time analysis presented here hope readers were benefited and were able to mint some money. Till 23760 is held bulls can continue to move ahead and can take bank nifty towards 24120/24270/24389/24480, 24477-24480 is major resistance for bank nifty, Bearish below 23700 for a move towards 23400/23100.Many traders want to short market as it has gone up significantly, but let the market show some sign of weakness else going against the trend can lead to big losses. Important Points for Trading Success
- Bank Nifty July Future Open Interest Volume is at 25.9 lakh with addition of 0.08 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @23361,closed above and did 600 points.
- 24000 CE is having highest OI @5.8 Lakh resistance at 24000 followed 24500. 23000-25000 CE added 1.3 lakh so Bears added major position in 24300-24500 range.
- 23000 PE is having highest OI @15.1 Lakh, strong support at 23000 followed by 23500, Bulls added 1.3 position in OI in range of 23000-25000 making strong base in range of 23300-23400.
Buy above 24090 Tgt 24150,24240 and 24330 (Bank Nifty Spot Levels)
Sell below 23980 Tgt 23930,23850 and 23777 (Bank Nifty Spot Levels)
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