Bank Nifty corrects on break of time cycle low

By | December 22, 2018
  • As Discussed in Last Analysis  Bears will get active below 27051 for a move towards 26920/26784/26640/26496/26352. Bulls will get active above 27316 for move towards 27504/27666 Bank Nifty Bulls got stopped out above 27316 but nears below 27051 were in aggressive move and almost did our 2 target and closed near support zone. Now Bears will need to break 26784 for a move towards 26656/26500. Bullish above 27920 for a move towards 27051/27216/27300. Important intraday time for reversal can be at 9:56/2:15.  How to Deal With Fear in Trading

  • Bank Nifty Dec Future Open Interest Volume is at 14.9 lakh with liquidation of 0.63 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @26532 closed above it.
  • 27500 CE is having highest OI @11.3  Lakh resistance at 27000  followed 27300.  26000-28000 CE added 23.6 Lakh in OI so bears added major position  in the zone of 27000-27300.
  • 26500 PE is having highest OI @7.8 Lakh, strong support at 26500 followed by 26300.26000-28000 PE liquidated 0.40 Lakh OI so bulls making strong support in the range of 26600-26700.

Buy above 26920 Tgt 27020,27100  and 27220 (Bank Nifty Spot Levels)

Sell below 26780 Tgt 26690,26577 and 26474 (Bank Nifty Spot Levels)

Follow on Twitter:https://twitter.com/brahmesh

Follow on Facebook https://www.facebook.com/Brameshs-Tech-14011718268586

Leave a Reply