Bank Nifty Technical set up before No Confidence motion trust vote

By | July 18, 2018
  • As Discussed in Last Analysis . 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.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 tommrow 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. Important intraday time for reversal can be at 10:28/12:43. 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 @7.8 Lakh resistance at 27000 followed 27300.26000-28000 CE added huge 15.7 Lakh in OI so bears added position at higher level  still resistance in range of 27000-27200

 

  • 26000 PE is having highest OI @6.8 Lakh, strong support at 26500  followed by 26300.26000-28000 PE added 5.6 OI so bulls having strong support in range of 26200-26300.

 

Buy above 26850  Tgt 26930,27000 and 27150(Bank Nifty Spot Levels)

Sell below 26730 Tgt 26666,26555 and 26444 (Bank Nifty Spot Levels)

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