Bank Nifty continue to close below 24000,EOD Analysis

  • As discussed in Last Analysis   Bullish above 24200 for a move towards 24450-25500. Bank Nifty move above 24200 was mostly like an Emotional Spike but failed to do the target of 24450 and triggering the Stoploss. Bears got active below 24100 and did 23963 and now waiting for 23755/23633/23540. High made today was 24127 above our crucial level of 24100 and also above the gann angle line as shown in below chart and unable to close above 24020 we can continue the correction till 23755/23540. Bullish above 24259 for a move towards  only 24480. Day-Traders Lose Big, Still Live in Denial

 

 

  • Bank Nifty Aug Future Open Interest Volume is at 21.2 lakh with liquidation of 0.33 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @24665 closed below it.
  • 25000 CE is having highest OI @10.7 Lakh resistance at 24500 followed 25000. 23500-26000 CE liquidated 2.9 lakh so bears covered position  in 24000/25000 CE.
  • 24000 PE is having highest OI @10.5 Lakh, strong support at 24000 followed by 23800, Bulls added 2.2 Lakh position in OI in range of 24000-26000 making strong base in range of 24000-23800.

Buy above 24020 Tgt 24100,24170 and 24260(Bank Nifty Spot Levels)

Sell below 23880 Tgt 23800,23750 and 23650 (Bank Nifty Spot Levels)

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