Bank Nifty ready for Big move

By | August 8, 2019
  • As Discussed in Last Analysis  Bulls now need a close above 28100 for a move back to 28316/28569/28738. Bears will get chance below 27890 for a move back to 27730/27563. Bulls got whipsawed and bears below 27890 were able to do 27730. Now as per time cycle we should get big move again today. Bulls need to move above 27840 for a move towards 28000/28100. Bears will get active below 27640 for a move back to 27500/27350.

  • Bank Nifty Aug Future Open Interest Volume is at 18.4 lakh with addition of 0.48 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @29286  closed below it.
  • 28500 CE is having highest OI @2.5 Lakh resistance at 28000  followed 28500. 27000-30000 CE added 0.70 Lakh in OI so bears added position in the zone of 27500-28500.
  • 27500 PE is having highest OI @2.9 Lakh, strong support at 27300 followed by 27500.27000-29000 PE liquidated 1.4 Lakh OI so bulls making strong support in the range of 27300-27500.

Buy above 27724 Tgt 27890,27974 and  28058  (Bank Nifty Spot Levels)

Sell below 27640 Tgt 27500,27350 and 27100  (Bank Nifty Spot Levels)

Upper End of Expiry: 27944

Lower End of Expiry:27459

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