Bank Nifty continue correction on Time Cycle Date,EOD Analysis

By | June 20, 2018
  • As Discussed in Last Analysis  High made today 26477 so bank nifty bulls were not above to break 26500 and below 26450 bears were active and made low of 26322 near our target of 26322. Plan remains the same Bullish above 26500 for a move back to 26640/26773. Below 26450 bears can move down and do our target of 26300/26210/26100. 19 is an important time cycle date. High made today was 26448 so bank nifty bears were on frontfoot as we were below 26450 and did 2 target on downside.Below 26210 we can continue to see fall towards 26000-26025 where we have gann angle support, Again time analysis helped in capturing the move as fall came exactly on 19 June. Bullish above 26500 only.  Bank Important intraday time for reversal can be at 11:45/2:07.What is a reasonable objective for a day trader?

  • Bank Nifty June Future Open Interest Volume is at 27.5  lakh with liquidation of 0.004 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @26408 closed above it
  • 27000 CE is having highest OI @14.8  Lakh resistance at 27000 followed 27500.26000-28000 CE added 3.8 Lakh in OI so bears added  position at higher level  still resistance in range of 26700-26900, High made today was 26765.

 

  • 26000 PE is having highest OI @9  Lakh, strong support at 26200  followed by 26000.26000-28000 PE  added 0.32  lakh in OI so bulls having strong support in range of 26100-26200.

 

Buy above 26320 Tgt 26400,26477 and 26530 (Bank Nifty Spot Levels)

Sell below 26210 Tgt 26150,26064 and 26000 (Bank Nifty Spot Levels)

Follow on Facebook https://www.facebook.com/Brameshs-Tech-14011718268586

Follow on Twitter:https://twitter.com/brahmesh

Leave a Reply