Bank Nifty continue to hold support zone,EOD Analysis

  • As discussed in Last analysis Bank Nifty made exact low of 19735 near our demand zone of 19738 and bounced back, Now bulls need a close above 19928 to be back in the game for target of 20155, Any close above 20155 will take us towards 20576/20600 levels. Bears below 19700 can push bank nifty towards 19451. Low made today was 19730 again held on to demand zone and gann horizontal line as we have been discussing but unable to close above 19928. Bulls need a close above 19928 for a move towards 20155/20380. Bears will get active only below 19700 for target of 19451. What is a Trading Plan?
  • Bank Nifty Sep Future Open Interest Volume is at 22.9 lakh with liquidation of 0.39 lakh, with decerease in Cost of Carry suggesting short positions were closed today. Bank nifty closed above Rollover cost@19450 ,rallied 1000 points before this correction.  Do you know your Risk of Ruin in trading ?
  • 20000 CE is having highest OI @7.3 resistance at 20000. 18500-20500 CE saw 1.1 lakh liquidation in OI so bears are liquidating in 20400/20500 CE.
  • 19000 PE is having highest OI @11.2 Lakh, strong support at 19000 followed by 19500, Bulls added 3.3 Lakh in OI in 18500-20500 PE  so bulls still holding on to support in zone of 19800-19900 zone.

Buy above 19900 Tgt 20000,20080 and 20150(Bank Nifty Spot Levels)

Sell below 19700 Tgt 19620,19501 and 19400 (Bank Nifty Spot Levels)

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