Bank Nifty continue to hold 24000,EOD Analysis

  • As discussed in Last Analysis High made today was 24300 so bank nifty again did 24270 and now is heading towards the next target of 24389/24480, 24477-24480 is major resistance for bank nifty,  Bearish below 23700 for a move towards 23400/23100. Time Cycle will change for bank nifty on 23 July as its is Sunday so we can see effect either tomorrow or Monday. High made today was 24389 and low made was 24066 so again bank nifty did not break and again did the target of 24120/24270. Now we are waiting for 24389/24480 to come. Till 24000 is not broken on closing basis, bank nifty bulls will have upper hand till we do not reach 24480-24500 range. Bearish below 24000 for a move till 23830/23500. What goes around comes around

  • Bank Nifty July Future Open Interest Volume is at 25.1  lakh with liquidation of 2.1 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @23361,closed above and did 900 points.
  • 24300 CE is having highest OI @4.4 Lakh resistance at 24300 followed 24500. 23000-25000 CE added 4.8 lakh so Bears added major  position in 24300-24500 range.
  • 24000 PE is having highest OI @7.2 Lakh, strong support at 24000 followed by 23500, Bulls added 2.9 Lakh position in OI in range of 23000-25000 making strong base in range of 23300-23400.

Buy above 24290 Tgt 24340,24420 and 24500 (Bank Nifty Spot Levels)

Sell below 24200 Tgt 24120,24010 and 23927 (Bank Nifty Spot Levels)

Click Here to Like Facebook Page get Real time updates

Click Here to Join me on Twitter

Leave a Reply