Bank Nifty does Price Time Squaring

By | July 24, 2019
  • As Discussed in Last Analysis We are entering the next level of important support in range of 29100-29130 holding the range we can see a move on upside towards 29376/29520/29664. Bears will get active below 29088 for a move back to 28944/28000/28656. Tomorrow is important gann and Astro date also. High made today was 29365 so we almost did 29376 when we bounced from 29100 is morning session. Bears will get active below 29088 for a move back to 28944/28000/28656. Bulls above 29200 can push towards 29376/29520/29664.Bank Nifty is doing Price Time Squaring if 29078 is protected.

  • Bank Nifty July Future Open Interest Volume is at 11.1 lakh with liquidation of 0.92 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @31207 closed below.
  • 29500 CE is having highest OI @4.1 Lakh resistance at 29500  followed 29800. 28000-30000 CE added 11.5 Lakh in OI so bears added position in the zone of 29300-30000.
  • 29000 PE is having highest OI @6.7 Lakh, strong support at 29100 followed by 29000.30000-32000 PE added 11 Lakh OI so bulls making strong support in the range of 29000-29300.

Buy above 29200 Tgt 29300,29476 and  29590 (Bank Nifty Spot Levels)

Sell below 29088 Tgt 28944 ,29880 and 28656  (Bank Nifty Spot Levels)

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