Bank Nifty rallies 400 points from Time Cycle Low

By | August 15, 2017
  • As discussed in Last Analysis    I have discussed the importance of 24476-24480 yesterday we closed below it and today we are down 500 points from that level.As seen in below chart of bank nifty with gann angle price moves quiet swiftly towards the next gann angle. Fresh shorts can be taken below 24000 for a move towards 23755-23547. Bullish above 24300 for a move towards 24500-24700. We gave this message on our Facebook page on Friday,Traders who went long would have been rewarded by this message as bank nifty bounced back around 400 points from the low. Bulls should hold 24100 for a move towards 24372/24520/24648. Bears below 24000 can push bank nifty towards 23822/23755/23540.   How to Maintain Control and Discipline in Your Trading 

 

  • Bank Nifty Aug Future Open Interest Volume is at 19.7 lakh with liquidation of 0.41 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @24665 closed below it and corrected 500 points
  • 25000 CE is having highest OI @10.7 Lakh resistance at 24500 followed 25000. 24000-26000 CE liquidated 0.38 lakh so  no major liquidation seen by Bears in 24500-24800 range.
  • 24000 PE is having highest OI @8.1 Lakh, strong support at 24000 followed by 23800, Bulls added 0.41 Lakh position in OI in range of 24000-26000 making strong base in range of 24000-23800.

Buy above 24120 Tgt 24200,24296 and 24380(Bank Nifty Spot Levels)

Sell below 24010 Tgt 23940,23861 and 23750 (Bank Nifty Spot Levels)

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3 thoughts on “Bank Nifty rallies 400 points from Time Cycle Low

  1. Bramesh Post author

    yes sir was busy with some work..nifty daily and weekly has been updated..

  2. Raajjesh Shinde

    Sir
    Pls give choppad level for nifty and bank nifty for the week also weekly support and resistance for nifty and bank nifty
    One more query can this be termed as a pull back from 9686 level as My understanding the high was 10138 low 9686 a 50 percent pull back till 9912 level which is also the 21 day ema pls comment
    thank you

  3. T.Srinivas

    Sir, We were under the impression, that because of Krishna astami,or next holiday,you might have become otherwise busy, But we were feeling completely lost without your guidance which, we have learnt to rely on.We cannot face the market without you. We are not on face book and twitter.We need you! Please tell us about nifty as well.

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