Will Bank Nifty Bulls able to Hold 26640 after PSU merger ?

By | September 18, 2018
  • As Discussed in Last Analysis  Bank Nifty opened with a gap up and once above 26994 low made was 26989 rallied all the way towards 27205 just shy of our target of 27225. Now Bulls need a close above 27225 for the upmove to continue towards 27356/27471. Bearish below 27100 for a move back to 27000/26920/26780. Bank Nifty opened with gap down and closed near the gann angle.Bearish below 26740 for a move back to 26640/26496/26280. Bullish above 26898 for a move back to 27000/27072/27225. Important intraday time for reversal can be at 12:22/1:56.Do you know your Risk of Ruin in trading ?

 

  • Bank Nifty Sep Future Open Interest Volume is at 15.6 lakh with addition of 0.60 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @28307 closed below it and corrected 1800 points.
  • 27500 CE is having highest OI @8.5 Lakh resistance at 27000 followed 27300.  26000-28000 CE added 5.4 Lakh in OI so bears continue to  add at 27000-27500 CE.

 

  • 27000 PE is having highest OI @8.8 Lakh, strong support at 27000 followed by 26800.26000-28000 PE added 0.93  lakh OI so bulls having strong support in range of 26700-26500.

 

 

Buy above 26898 Tgt 26960,27072 and 27150 (Bank Nifty Spot Levels)

Sell below 26740 Tgt 26640,26555 and 26496 (Bank Nifty Spot Levels)

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