Bank Nifty ready for big move,EOD Analysis

By | July 21, 2018
  • As Discussed in Last Analysis  High made today was 27025 so bulls unable to capture 27964 and bears once time cycle low 26900 broken did our 1 target of 26784 and now waiting for 26640/26496. Expect volatile move tomorrow as we will have voting for no trust vote. Bullish above 26930 for a move back to 27064/27225. Bearish below 26777 for a move back to 26640/26496. Bank Nifty opened below 26777 but quickly recovered and also unable to sustain above 26930 so we had a volatile move in between the range,We should see a good move in next 2 days as per time cycle, Bullish above 26930 for a move back to 27064/27225. Bearish below 26777 for a move back to 26640/26496. Important intraday time for reversal can be at 10:04/2:04. Money Management Matters In Trading

  • Bank Nifty July Future Open Interest Volume is at 21.5 lakh with liquidation of 0.26 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @26490 closed below it.
  • 27500 CE is having highest OI @9.3 Lakh resistance at 27000 followed 27300.26000-28000 CE added 5.9 Lakh in OI so bears added position at higher level  still resistance in range of 27000-27200

 

  • 26500 PE is having highest OI @6.5 Lakh, strong support at 26500  followed by 26300.26000-28000 PE added 5.2 OI so bulls having strong support in range of 26500-26600.

 

 

Buy above 26930  Tgt 26980,27064 and 27150(Bank Nifty Spot Levels)

Sell below 26830 Tgt 26750,26666 and 26555 (Bank Nifty Spot Levels)

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