Bank Nifty Corrects from Gann Angle,EOD Analysis

  • As discussed in Last Analysis   So Bulls finally did the target of 25000, up 700 points from the time cycle low formed on 21 July. Vedic number of 24480 helped us in going long with confirmation above 24650 and did the final target of 25000. Now we are nearing the gann angle resistance move below 24800 can see correction towards 24480/24200. Bullish above 25000 for a move towards 25200-25284. Bank Nifty moved below 24800 but failed to do our target of 24480 as low made was 24651 and closed just above 24800. After 1000 point rally in 5 trading days bulls need some consolidation, so best way to do that is playing in range of 24480-25000 before RBI Policy on 02 Aug. Fresh longs should be taken above 25000 for a move towards 25200-25284. Bearish below 24624 for a move towards 24480-24300.    Someone to Watch Over Me

  • Bank Nifty Aug Future Open Interest Volume is at 23.7 lakh with liquidation of 1.3 Lakh, with increase in Cost of Carry suggesting Long positions were closed today. Bank nifty Rollover cost @24665
  • 25000 CE is having highest OI @3.6 Lakh resistance at 25000 followed 24800. 24000-25000 CE added 1.4 lakh so Bears added major  position in 25000-25500 range.
  • 24400 PE is having highest OI @5 Lakh, strong support at 24000 followed by 23500, Bulls added 1.9 Lakh position in OI in range of 24000-26000 making strong base in range of 24000-24200.

Buy above 24860 Tgt 24920,24980 and 25100(Bank Nifty Spot Levels)

Sell below 24750 Tgt 24680,24560 and 24480 (Bank Nifty Spot Levels)

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