Bank Nifty Bulls fails to protect 24480,EOD Analysis

  • As discussed in Last Analysis    Bulls should hold 24480-476 range for the correction to be over, Bullish above 24626 for a move towards 24800/24928. Bears will become more strong below 24450 for a move towards 24299/24066  High made was 24532 and low made was 24328 so as soon as 24450 was broken bears attacked and made low of 24328 near our target of 24300, and also closed below 24450 suggesting we can 24100 till we are below 24450. Bullish above 24480 for a move towards 24624/24800. Time Analysis combined with gann angle helped us in taking short below 24800 and rewarded with 450 points in 2 days.  How to deal with Stress during trading

  • Bank Nifty Aug Future Open Interest Volume is at 23.4 lakh with liquidation of 1.3 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @24665 closed below it.
  • 25000 CE is having highest OI @8.5 Lakh resistance at 25000 followed 25300. 24000-26000 CE added 0.81 lakh so Bears added major  position in 24800-25000 range.
  • 24500 PE is having highest OI @8.8 Lakh, strong support at 24500 followed by 24000, Bulls liquidated 0.21 Lakh position in OI in range of 24000-26000 making strong base in range of 24000-24200.

Buy above 24430 Tgt 24500,24625 and 24700(Bank Nifty Spot Levels)

Sell below 24300 Tgt 24210,24091 and 24000 (Bank Nifty Spot Levels)

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