Bank Nifty Analysis for July Expiry

  • As discussed in Last Analysis  Bank Nifty made high of 24624 so it opened above the important number of 24476-24480, Low made today was 24450 and closed above 24520. Above 24480 next level of resistance is in range of 24649-24680 as shown in below chart. Traders who are long should trail position with SL of 24450 as we are nearing gann angle resistance so expect pullback in bank nifty.  Close below 24450 we can see correction till 24260/24120/24000. Fresh longs should be taken above 24649 for a move towards 24760/24840/25000. Low made today was 24484 so bulls protected 24476-24480 range and also closed above 24650 suggesting we are heading higher towards 24760/24840. Close below 24450 we can see correction till 24260/24120/24000.We are up 400 points from the time cycle low formed on 21 July.   Tips for Trading as we reach 10000 on Nify

  • Bank Nifty July Future Open Interest Volume is at 21 lakh with liquidation of 1.66 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @23361,closed above and did 1500 points.
  • 24800 CE is having highest OI @5 Lakh resistance at 24800 followed 25000. 24000-25000 CE liquidated 3.2 lakh so Bears covered major  position in 24500-24700 range.
  • 24400 PE is having highest OI @11 Lakh, strong support at 24400 followed by 24200, Bulls added 12 Lakh position in OI in range of 24000-25000 making strong base in range of 24200-24400.

Buy above 24720 Tgt 24760,24850 and 25000(Bank Nifty Spot Levels)

Sell below 24620 Tgt 24540,24450 and 24100 (Bank Nifty Spot Levels)

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