Bank Nifty does Price Time Squaring,Bounce Back on cards

  • As discussed in Last Analysis   High made was 23897 so bulls did the 1 target of 23904 and saw a intraday correction till 23694 but failed to close above 23760 and also formed a gravestone doji candlestick. Plan remains the same  Bullish above 23760 for a move towards 23904/24048/24144. Bearish below 23616 for a move towards 23474/23328/23150 Bank Nifty broke 23616 and made low of 23507 before bouncing back and failed to do our target of 23474 missing by 30 points. 24 June was an impulsive turn date and price bouncing from support region as shown in chart, Both Price and Time are meeting again, suggesting if Low of 23507 is held we are likely to make another attempt towards 23760/23900. Bearish below 23474 for a move towards 23328/23150.    Mistake most amateur traders repeat time to time

  • Bank Nifty June Future Open Interest Volume is at 22.1 lakh with liquidation of 0.85 Lakh, with decrease in Cost of Carry suggesting Long positions were closed today. Bank nifty Rollover cost @22660, closed above it.
  • 24000 CE is having highest OI @11.9 Lakh resistance at 23700 followed 24000. 23000-245000 PE added 14.9 lakh so Bears added position in 23700-24000 range.If Bank Nifty crosses 23700 weak beers will run for cover and we can see fast rise.
  • 23500 PE is having highest OI @14 Lakh, strong support at 23500 followed by 23200, Bulls added 0.85 Lakh position in OI in range of 23200-23500 making strong base in range of 23000-23200.

Buy above 23650 Tgt 23720,23830 and 23940 (Bank Nifty Spot Levels)

Sell below 23600 Tgt 23500,23420 and 23333 (Bank Nifty Spot Levels)

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