Bank Nifty ready to move towards 24000,EOD Analysis

  • As discussed in Last Analysis   Bank Nifty consolidated in small range today and till 23540 is held we can again head towards 23630/23720. Low made today was 23554 so bulls held on to 23540 as shown in below chart near gann angle. Bearish below 23300 for a move towards 23150/23000. High made today was 23736 so bank nifty again did our breakout target twice in 2 days. Now we are heading towards 23964/24144 till we held on to 23550. Bearish below 23300 for a move towards 23150/23000. As per time cycle till we are holding todays low of 23530 bulls will have upper hand and can push bank nifty beyond 24500 until we get the next time cycle turning date. Trading Wisdom by Larry Hite & Marty Schwartz

  • Bank Nifty June Future Open Interest Volume is at 25.9  lakh with liquidation of 0.03 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @23361,closed above and did 400 points.
  • 23500 CE is having highest OI @5 Lakh resistance at 23500 followed 23700. 22500-24500 CE added 1 lakh so Bears added major  position in 24000-24500 range.
  • 23000 PE is having highest OI @16.2  Lakh, strong support at 23000 followed by 22500, Bulls added huge 4.8  position in OI in range of 22500-24500 making strong base in range of 23000-23200.

Buy above 23780 Tgt 23860,23960 and 24100 (Bank Nifty Spot Levels)

Sell below 23650 Tgt 23570,23430 and 23320 (Bank Nifty Spot Levels)

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5 thoughts on “Bank Nifty ready to move towards 24000,EOD Analysis”

  1. Bramesh, thanks for your regular analysis. It’s really helpful for learn and avoid mistakes. Thanks

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