Bank Nifty Forms Double Bottom at Demand Zone

By | July 31, 2019
  • As Discussed in Last Analysis  Below 28100 break of astro time cycle low we did 28763. 28500 is strong support for the bank nifty, below than we can see fall towards 28100. Bank Nifty bulls need a close above 28900 for a move back to 29100/29225/29400. Bears will get active below 28700 for a move towards 28510/28350/28100. 28529 done,and Bank Nifty has formed a double bottom at 28525 this was the low in May also. Bank Nifty bulls need a close above 28900 for a move back to 29088/29225/29376. Bears will get active below 28650 for a move towards 28510/28350/28100.

  • Bank Nifty July Future Open Interest Volume is at 14.4 lakh with addition of 0.34 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @29286  closed below it.
  • 29000 CE is having highest OI @1.7 Lakh resistance at 29000  followed 29500. 28000-30000 CE added 2.5 Lakh in OI so bears added position in the zone of 29000-295000.
  • 29000 PE is having highest OI @4.9 Lakh, strong support at 28500 followed by 28300.28000-29000 PE added 0.64 Lakh OI so bulls making strong support in the range of 28300-28500.

Buy above 28868 Tgt 28952,29038 and  29123 (Bank Nifty Spot Levels)

Sell below 28782 Tgt 28698,28613and 28529 (Bank Nifty Spot Levels)

Upper End of Expiry : 29082

Lower End of Expiry :28669

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