Will Bank Nifty Hold Demand Zone, EOD Analysis

  • As discussed in Last analysis   Bank Nifty still unable to close above 20491 and continue to move down, but still unable to break 20100, Bears need close below 20100 for a quick move towards 19928/19758. Bulls only active above 20491.  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. Would like to be able to trade without emotion.support
  • Bank Nifty Sep Future Open Interest Volume is at 23.1 lakh with liquidation of 4.1 lakh, with rise in Cost of Carry suggesting short positions were added today. Bank nifty closed above Rollover cost ,rallied 1000 points before this correction.  Do you know your Risk of Ruin in trading ?
  • 20000 CE is having highest OI @6.8 resistance at 20000. 18500-20500 CE saw 6.7  lakh addition in OI so bears are adding in 20000 CE.
  • 19000 PE is having highest OI @10.5 Lakh, strong support at 19000 followed by 19500, Bulls added 1.3 Lakh in OI in 18500-20500 PE  so bulls still holding on to support in zone of 19800-19900 zone.

Buy above 19860 Tgt 19920,20000 and 20150(Bank Nifty Spot Levels)

Sell below 19700 Tgt 19650,19580 and 19500 (Bank Nifty Spot Levels)

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