Bank Nifty trade volatile amid political uncertainty

By | July 18, 2018
  • As Discussed in Last Analysis As soon as Bank Nifty broke 26784 broken bank nifty rallied and move towards 26920/27043 near our target of 27064. Bulls need a close above 27064 for the next move towards 27225/27364. Bearish below 26900 for a move towards 26784/26640. Bank Nifty opened with gap and failed to close above 27064 again, facing lot of resistance at gann angle as shown below after tweaking the price step, We have political uncertainty also emerging with No Trust vote coming for government on Friday also today was an important time cycle date and we closed below 26900. Till we are below 26900  bears can push index 26784/26640/26496. Bullish only above 27064 for a move back towards 27225/27364. Important intraday time for reversal can be at 11:11/2:09. Thought Process of an Amateur Trader

  • Bank Nifty July Future Open Interest Volume is at 21.7 lakh with liquidation of 0.53 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @26490 closed below it.
  • 27500 CE is having highest OI @6.5 Lakh resistance at 27000 followed 27300.26000-28000 CE added 3.6 Lakh in OI so bears added position at higher level  still resistance in range of 27000-27200

 

  • 26000 PE is having highest OI @5.9 Lakh, strong support at 26500  followed by 26300.26000-28000 PE added 2.67 OI so bulls having strong support in range of 26200-26300.

 

Buy above 26930  Tgt 26990,27150 and 27225 (Bank Nifty Spot Levels)

Sell below 26830 Tgt 26750,26666 and 26580 (Bank Nifty Spot Levels)

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