Bank Nifty Bulls rallies above 27820,EOD Analysis

By | August 15, 2018
  • As Discussed in Last Analysis Bank Nifty closed below 28200 on Time Cycle Turn Date,Friday and as expected gave a 300+ point fall in gap down doing our target of 27792 and we closed at gann level support as shown in below chart. Now Bears need to break 27734 for a move back to 27650/27556/27484. Bullish above 27820 for a move back to 27920/27984/28064. Bank Nifty bulls were able to achieve all the upside target above 27920. Bulls need to close above 28064 for the upmove to continue towards 28225/28450. Bearish below 27888 for a move back to 27740/27650/27496. Important intraday time for reversal can be at 9:44/2:03. Trading With Your Own Money

  • Bank Nifty Aug Future Open Interest Volume is at 25.2  lakh with liquidation of 0.2 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @27128 closed above it.
  • 28000 CE is having highest OI @4.9 Lakh resistance at 28000 followed 28500.26500-28500 CE liquidated 0.23 Lakh in OI so bears covered  position at higher level still resistance in range of 28000-28100.

 

  • 27500 PE is having highest OI @8.6 Lakh, strong support at 27500 followed by 27400.26500-28500 PE added 1 lakh OI so bulls having strong support in range of 27500-27600.

 

 

Buy above 28000 Tgt 28064,28150 and 28300 (Bank Nifty Spot Levels)

Sell below 27888 Tgt 27778,27666 and 27555 (Bank Nifty Spot Levels)

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