Bank Nifty Analysis as we approach important time cycle date of 22 June

By | June 21, 2018
  • As Discussed in Last Analysis  Bank Nifty opened with gap and did not break 26210 and once above 26500 bulls were active pushed index higher now waiting for the target of 26640/26784/26920.Bearish below 26490 for a move 26352/26210. Low made today was 26454 but closed above 26490. High made was 26640 so bank nifty did 1 target of 26640. Tomorrow is very important gann date so we can see good move either tomorrow or Monday. Bullish above 26555 for a move towards 26640/26784/26920.Bearish below 26450 for a move towards 26352/26210.Bank Important intraday time for reversal can be at 9:30/1:20.What is a reasonable objective for a day trader?

  • Bank Nifty June Future Open Interest Volume is at 26.3  lakh with liquidation of 2.3 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @26408 made low of 26418 and closed above it.
  • 27000 CE is having highest OI @17  Lakh resistance at 27000 followed 27500.26000-28000 CE added 14.2 Lakh in OI so bears added  position at higher level  still resistance in range of 26700-26900.

 

  • 26000 PE is having highest OI @9.8 Lakh, strong support at 26200  followed by 26000.26000-28000 PE  added 6.4  lakh in OI so bulls having strong support in range of 26100-26200.

 

Buy above 26555 Tgt 26620,26745 and 26830 (Bank Nifty Spot Levels)

Sell below 26450 Tgt 26400,26310 and 26230 (Bank Nifty Spot Levels)

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