Bank Nifty rallies above 26784,EOD Analysis

By | July 17, 2018
  • As Discussed in Last Analysis  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. 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.Important intraday time for reversal can be at 9:34/12:27. Thought Process of an Amateur Trader

  • Bank Nifty July Future Open Interest Volume is at 22.3 lakh with addition of 0.75 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @26490 closed below it.
  • 27500 CE is having highest OI @7 Lakh resistance at 27300 followed 27500.26000-28000 CE added 0.23 Lakh in OI so bears added position at higher level  still resistance in range of 27000-27200

 

  • 26000 PE is having highest OI @6.7 Lakh, strong support at 26500  followed by 26300.26000-28000 PE added 1.97 OI so bulls having strong support in range of 26200-26300.

 

Buy above 27064 Tgt 27150,27225 and 27320 (Bank Nifty Spot Levels)

Sell below 26890 Tgt 26830,26760 and 26650 (Bank Nifty Spot Levels)

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