Bank Nifty forms NR7 Pattern

By | August 19, 2019
  • Bank Nifty has formed an NR7 pattern today suggesting range expansion round the corner,added with time cycle. Bank Nifty Bulls will get active above 28270 for a move back to 28450/28666/28900. Bears will get active below 28140 for a move back to 28100/27920/27800.

  • Bank Nifty Aug Future Open Interest Volume is at 14.9 lakh with liquidation of 1 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @29286  closed below it.
  • 29000 CE is having highest OI @5 Lakh resistance at 28500  followed 29000. 27000-30000 CE added 1.1 Lakh in OI so bears added position in the zone of 28000-28500.
  • 27500 PE is having highest OI @3.6 Lakh, strong support at 28000 followed by 27500.27000-29000 PE added 0.86 Lakh OI so bulls making strong support in the range of 27300-27500.

Buy above 28225 Tgt 28350,28468 and  28600  (Bank Nifty Spot Levels)

Sell below 28150 Tgt 28065,27950 and 27800  (Bank Nifty Spot Levels)

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