- As discussed in Last analysis Now Bulls again need close above 19158 for move towards 19500 and bear will get active only on close below 18500, in between its just time correction. Bank Nifty closed above 19000 for second day in a row but failed close 19150 high made was 19138, It has been 25 days bank nifty is trading in range of 600 points 18450-19150 , suggesting break and close above 19150 or 18450 can see fast move of 600 points, Bank nifty finally broke the 600 point range as shown in the 3 chart and target is mentioned, Bulls now need a close above 19367, Also Butterfly pattern suggests target of 19600 and on Gann arc Bank Nifty closed above the red double arc suggesting close above 19367 we can see fast move towards 19600/19700. Bulls need close above 19367 for target of 19650/19766, Bears below 19000 for target of 18800/18500. Bank Nifty after breaking out almost did the first target of 19500 high made was 19457 and also closed above 19367 suggesting we can see next move towards 19650/19700 as per breakout out of range as shown in below chart.Till 19158 is not broken its buy on dips market. As discussed before close above 18985 bank nifty enter new price orbit as per gann and impulsive move was seen. Short Stories that Will Change the Way You Think
- Bank Nifty Aug Future Open Interest Volume is at 21.9 lakh with liquidation of 0.22 lakh, with fall in Cost of Carry suggesting short positions were closed today. Bank nifty closed above Rollover cost 19030,fired 400 points. Do you know your Risk of Ruin in trading ?
- 19500 CE is having highest OI @8.8 Lakh resistance formation @19500. 18500-20500 CE saw 4.1 lakh addition in OI so bears added heavily in 19500-19800 CE.
- 19000 PE is having highest OI @8.3 Lakh, strong support at 19000 followed by 18800, Bulls added huge 8.7 Lakh in OI in 17500-19500 PE so bulls making support in zone of 18800-19000 zone.
- Bank Nifty Futures Trend Deciding level is 19398 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 18967 .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 19480 Tgt 19530,19600 and 19680 (Bank Nifty Spot Levels)
Sell below 19380 Tgt 19320,19270 and 19220 (Bank Nifty Spot Levels)