Bank Nifty correct 400 points with break of time cycle low,EOD Analysis

By | August 13, 2018
  • As Discussed in Last Analysis Bank Nifty broke 28200 and and almost did our 1 target. Now till we are below 28200 bears have upper hand and can push index all the way till 27940/27792/27648.Bullish above 28400 for a move back to 28512/28650. Time cycle date has shown effect and we can see fall of 200-300 points easily till we do not break 28377 time cycle date high. 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.Important intraday time for reversal can be at 1:10/2:46. Trading With Your Own Money

  • Bank Nifty Aug Future Open Interest Volume is at 25.4  lakh with liquidation of 2 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @27128 closed above it.
  • 28000 CE is having highest OI @5.1 Lakh resistance at 28000 followed 28500.26500-28500 CE liquidated 2.69 Lakh in OI so bears added position at higher level still resistance in range of 28000-28100.

 

  • 27000 PE is having highest OI @7.7 Lakh, strong support at 27000 followed by 27500.26500-28500 PE added 1.6 lakh OI so bulls having strong support in range of 27500-27600.

 

 

Buy above 27820 Tgt 27891,27897 and 28064 (Bank Nifty Spot Levels)

Sell below 27710 Tgt 27640,27546 and 27450 (Bank Nifty Spot Levels)

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