Bank Nifty Bulls continue to close above 24000

  • As discussed in Last Analysis  Till 23760 is held bulls can continue to move ahead and can take bank nifty towards 24120/24270/24389/24480, 24477-24480 is major resistance for bank nifty,  Bearish below 23700 for a move towards 23400/23100.Many traders want to short market as it has gone up significantly, but let the market show some sign of weakness else going against the trend can lead to big losses. Bank nifty again did a close above 24000 even when nifty corrected almost 100 points, and in process did the next target of 24120. Now till we are holding 23760 bulls can continue to move ahead and can take bank nifty towards 24120/24270/24389/24480, 24477-24480 is major resistance for bank nifty,  Bearish below 23700 for a move towards 23400/23100  Important Points for Trading Success

  • Bank Nifty July Future Open Interest Volume is at 26.9  lakh with addition of 1 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @23361,closed above and did 600 points.
  • 24000 CE is having highest OI @5.8 Lakh resistance at 24000 followed 24500. 23000-25000 CE added 0.86 lakh so Bears added major  position in 24300-24500 range.
  • 23000 PE is having highest OI @15.1  Lakh, strong support at 23000 followed by 23500, Bulls added 2.2 Lakh position in OI in range of 23000-25000 making strong base in range of 23300-23400.

Buy above 24060 Tgt 24140,24240 and 24330 (Bank Nifty Spot Levels)

Sell below 23980 Tgt 23930,23850 and 23777 (Bank Nifty Spot Levels)

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