Bank Nifty close above 18750,EOD Analysis

  • As discussing in past analysis Now the range of 18758-18898 is very crucial range where bulls should book profit.  Bank Nifty made high of 18880, so once 18750 is crossed we saw a quick move towards 18898. Close above 18898 can see another quick move towards 18969/19103, traders should trail longs with strict stop loss of 18750,Weekly close above 18768 can see fast move towards 19230.  Bearish below only close below 18400.  The 3 Phases of Trade Analysis

bank nifty breakout

  • Bank Nifty July Future Open Interest Volume is at 23.5 lakh with addition of 1.3 lakh, with increase in Cost of Carry suggesting Long positions were added today. Bank nifty Rollover is 75 % Rollover cost is coming at 17722  Do you know your Risk of Ruin in trading ?
  • 19000 CE is having highest OI @4 Lakh resistance formation @19000. 17000-19000 CE saw 1.11 lakh liquidation in OI so bears have started squaring off their position.
  • 18000 PE is having highest OI @5.1 Lakh, strong support at 18000 followed by 17500, Bulls added  2.5 Lakh in OI in 17000-19000 PE aggressive addition in 18500 PE.

Buy above 18900 Tgt 18969,19060 and 19150 (Bank Nifty Spot Levels)

Sell below 18750 Tgt 18680,18590 and 18480 (Bank Nifty Spot Levels)

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