Bank Nifty takes breather before RBI policy,EOD Analysis

  • As discussed in Last analysis   Bulls now need a close above 19158 for a move till 19500. Bank Nifty did the final target of Cyphar pattern and paused in current uptrend. Now for Bulls we need a close above 19158 for a move towards 19500,bear will get active on close below 18915 for a target of 18500. RBI policy tomorrow expect volatile move,trade with caution.Better to trade once the event is over.    The Thinking of the Average Trader

Bank Nifty Harmonic

bank nifty gann analysis

  • Bank Nifty Aug Future Open Interest Volume is at 18.39  lakh with liquidation of 0.03 lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty closed below Rollover cost  19030 closed below it.  Do you know your Risk of Ruin in trading ?
  • 19500 CE is having highest OI @5.2 Lakh resistance formation @19500. 18500-20500 CE saw 0.39  lakh addition in OI so bears added at upper range of series to get advantage of IV’s reduction before major event.
  • 18500 PE is having highest OI @4.2 Lakh, strong support at 18500 followed by 18000, Bulls added 0.18 Lakh in OI in 17500-19500 PE  so bulls making support in zone of 18500.

Buy above 19050 Tgt 19158,19230 and 19500 (Bank Nifty Spot Levels)

Sell below 18880 Tgt 18820,18750 and 18650 (Bank Nifty Spot Levels)

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