Bank Nifty heading for new life high,EOD Analysis

By | August 27, 2018
  • As Discussed in Last Analysis Bank Nifty went above 28100 but was not able to sustain and as soon as 28000 was broken we did 1 target on downside 27920 and made low of 27782 and we closed below the gann angle also. Now Bulls need to close above 28151 for the up move towards 28225/28360/28512. Bearish below 27784 for a move back to 27648/27556/27360. Bulls closed above 28151 and did 1 target of 28225 and now waiting for next target of 28360/28512. Bulls need to hold 28225 on closing basis to carry the upmove towards 28500 where next major resistance lies. Bearish below 28140 for a move back to 28000/27920/27739. Important intraday time for reversal can be at 12:09/2:22. Honored to be part Online Trading Summit

 

  • Bank Nifty Aug Future Open Interest Volume is at 17.9 lakh with liquidation of 1.7 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @27128 closed above it.
  • 28500 CE is having highest OI @10.1 Lakh resistance at 28500 followed 28700.26500-28500 CE liquidated huge 14.2 Lakh in OI so bears ran for cover  at higher level still resistance in range of 28400-28500.

 

  • 27500 PE is having highest OI @12.9 Lakh, strong support at 28000 followed by 27800.28000-29000 PE added 21 lakh OI so bulls having strong support in range of 27800-27900.

 

 

Buy above 28300 Tgt 28370,28440 and 28539 (Bank Nifty Spot Levels)

Sell below 28160 Tgt 28100,28050 and 27970(Bank Nifty Spot Levels)

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