Will Bank Nifty pause its uptrend near 24476-24480 ?

  • As discussed in Last Analysis 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. High made today was 24460 so bank nifty did the remaining target of 24389 and almost did the 2 target of 24480. Now the range of 24476-24480 is very very important considered very sacred as per vedic math  Close above 24480 target comes at 24649/24760/24840/25000. Unable to do so we can see correction till 24260/24120/24000.  Bearish below 24000 for a move till 23830/23500. Are you trading on Luck or trading Skills ?

  • Bank Nifty July Future Open Interest Volume is at 24  lakh with liquidation of 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.
  • 24500 CE is having highest OI @12.5 Lakh resistance at 24500 followed 24500/24700. 23000-25000 CE added 0.99 lakh so Bears added major  position in 24700-25000 range.
  • 24000 PE is having highest OI @8.8 Lakh, strong support at 24000 followed by 23500, Bulls added 12.6 Lakh position in OI in range of 23000-25000 making strong base in range of 23800-24000.

Buy above 24460 Tgt 24510,24590 and 24700 (Bank Nifty Spot Levels)

Sell below 24350 Tgt 24280,24190 and 24100 (Bank Nifty Spot Levels)

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