Bank Nifty continue to make new life highs,EOD Analysis

By | August 10, 2018
  • As Discussed in Last Analysis  Bank Nifty broke  27940 and did our 1 target of 28080 now waiting for our next target of 28234/28320/28404 till we close above 27984. Bearish below 27900 for a move back to 27817/27734. We are up 800 point from time cycle low of 02 Aug, thats the power of time cycle. Bank nifty did our 2 targets again now waiting for final target of 28404.Now Bulls need to hold 28236 for up move to continue towards 28488/28573. Bearish below 28200 for a move back to 28064/27970.We have important time cycle coming on 11 Aug, effect can be seen tomorrow or Monday.  Important intraday time for reversal can be at 10:43/12:49. Trading With Your Own Money

  • Bank Nifty Aug Future Open Interest Volume is at 28.9  lakh with addition of 1.76 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @27128 closed above it.
  • 28500 CE is having highest OI @7.1 Lakh resistance at 28300 followed 28500.26500-28500 CE liquidated 0.33 Lakh in OI so bears covered  position at higher level still resistance in range of 28400-28500.

 

  • 27000 PE is having highest OI @6.8 Lakh, strong support at 2700 followed by 27500.26500-28500 PE added 2.4 lakh OI so bulls having strong support in range of 27500-27600.

 

 

Buy above 28370 Tgt 28420,28501 and 28610 (Bank Nifty Spot Levels)

Sell below 28250 Tgt 28180,28070 and 28000 (Bank Nifty Spot Levels)

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