Will Bank Nifty Bulls break 24480,EOD Analysis

  • As discussed in Last Analysis   26 is time cycle date of bank nifty effect of which will be seen on Monday, Bearish below 24200 for a move towards 23955/23860/23755. Bullish above 24480 for a move towards 24682/24800. Low made was 24301 and high made was 24422 so bank nifty remained in our range and no breakout and breakdown happened and today close is near an important gann angle as shown in below chart if 24480 is not broken we can downfall back to 24000, As new time cycle started from today so break of 24510 we can see move towards 24686/24920. Bearish below 24200 for a move towards24000/23800.  How to win Mental Game of Trading



  • Bank Nifty Aug Future Open Interest Volume is at 14.2 lakh with liquidation of 1.45 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @24665 closed below it.
  • 25000 CE is having highest OI @13.5  Lakh resistance at 24500 followed 25000. 23500-26000 CE added 13 lakh so bears huge  position  in 24300/24500 CE.
  • 24000 PE is having highest OI @11.9 Lakh, strong support at 24000 followed by 23800, Bulls added 4.9 Lakh position in OI in range of 24000-26000 with major addition coming in 24000-24300 PE.

Buy above 24420 Tgt 24480,24530 and 24610(Bank Nifty Spot Levels)

Sell below 24310 Tgt 24250,24180 and 24100 (Bank Nifty Spot Levels)

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