Bank Nifty Continue to Rally Holding Time Cycle low

By | June 11, 2019
  • As Discussed in Last Analysis High 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. 31365 done, Now Bulls need to move above 31330 for the move towards 31414/31537/31681.Bears will get active below 30973 for a move back to 30800/30650/30500.Why Traders Lose Discipline

  • Bank Nifty June Future Open Interest Volume is at 19.9 lakh with liquidation of 0.23 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @31540 closed below it.
  • 31500 CE is having highest OI @2.8 Lakh resistance at 31500  followed 31800.  30000-32000 CE liquidated 0.34 Lakh in OI so bears covered in the zone of 31500-31800.
  • 30500 PE is having highest OI @3 Lakh, strong support at 30800 followed by 30500.30000-32000 PE added 0.95 Lakh OI so bulls making strong support in the range of 30500-30800.

Buy above 31325 Tgt 31420,31537 and  31638 (Bank Nifty Spot Levels)

Sell below 31200 Tgt 31061,30973 and 30800 (Bank Nifty Spot Levels)

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