Bank Nifty Continue to Hold Time Cycle Low

By | June 10, 2019 8:28 pm
  • As Discussed in Last Analysis 10 is important time cycle date suggesting we could have formed short term bottom on 07 June and in for a rally towards 31365/31500/31800. Bears will get active below 30890 for a move back to 30650/30623/30500High made today was 31367 so we did our target of 31365 and again closed above 31000. Till we are above 31000 bulls can rally towards 31365/31500/31800. Bears will get active below 30860 for a move back to 30650/30623/30500.Why Traders Lose Discipline

  • Bank Nifty June Future Open Interest Volume is at 20.2 lakh with liquidation of 0.24 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @31540 closed below it.
  • 32000 CE is having highest OI @2.9 Lakh resistance at 31500  followed 31800.  30000-32000 CE added 1 Lakh in OI so bears added in the zone of 31500-31800.
  • 30500 PE is having highest OI @2.8 Lakh, strong support at 30800 followed by 30500.30000-32000 PE added 0.73 Lakh OI so bulls making strong support in the range of 30500-30800.

Buy above 31087 Tgt 31242,31331 and  31500 (Bank Nifty Spot Levels)

Sell below 30920 Tgt 30810,30714 and 30623  (Bank Nifty Spot Levels)

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