Bank Nifty bounces 593 points from Time Cycle low

By | August 16, 2017
  • As discussed in Last Analysis    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.  Bank Nifty bounced another 320 points and from the low of 23868 we have now bounced 593 points so almost doing the target of 600 points as per time cycle. Now we are again approaching the crucial range of 24476-480, fresh longs should be taken above this for a move towards 24648/24800/24928. Bearish below 24389 for a move towards 24120/24000. 17 Aug is again a time cycle date so expect volatility in market How to Maintain Control and Discipline in Your Trading 

 

  • Bank Nifty Aug Future Open Interest Volume is at 20 lakh with addition of 0.21 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24665 closed below it.
  • 25000 CE is having highest OI @11.4 Lakh resistance at 24500 followed 25000. 24000-26000 CE liquidated 1.3 lakh so  no major liquidation seen by Bears in 24500-24800 range.
  • 24000 PE is having highest OI @8.9 Lakh, strong support at 24000 followed by 23800, Bulls liquidated 1.7 Lakh position in OI in range of 24000-26000 making strong base in range of 24000-23800.

Buy above 24480 Tgt 24550,24626 and 24790(Bank Nifty Spot Levels)

Sell below 24400 Tgt 24290,24201 and 24100 (Bank Nifty Spot Levels)

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