Bank Nifty corrects 200 points with break of time cycle low,EOD Analysis

By | July 16, 2018
  • As Discussed in Last Analysis  Till we are closing above 26920 we can rally all the way till 27064/27216. Range of 27216-27225 is crucial resistance zone,bulls need a close above it for the next rally towards 27360/27500. Bearish below 26900 for a move back to 26784/26640. 13 Was important trend change date break of high 27100 or low 26900 can see good move of 150-200 points easily. As soon as Bank Nifty broke the time cycle low of 26900 bank nifty corrected all the way till 26643 doing our all target. Now bears need to break 26640 for a  move back to 26496/26360. Bullish only above 26784 for a move back to 26920/27064. Bank Important intraday time for reversal can be at 9:27/12:04/2:42.  How to become Millionaire with Consistent Success in Trading
  • Bank Nifty July Future Open Interest Volume is at 21.5 lakh with liquidation of 1.3 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @26490 closed below it.
  • 27500 CE is having highest OI @6.8 Lakh resistance at 27300 followed 27500.26000-28000 CE added 1.59 Lakh in OI so bears added position at higher level  still resistance in range of 27000-27200

 

  • 26000 PE is having highest OI @6.9 Lakh, strong support at 26500  followed by 26300.26000-28000 PE liquidated 1.79 OI so bulls having strong support in range of 26200-26300.

 

Buy above 26760 Tgt 26830,26920 and 27050 (Bank Nifty Spot Levels)

Sell below 26640 Tgt 26570,26496 and 26360 (Bank Nifty Spot Levels)

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