Bank Nifty does 24980 near time cycle target of 25000

  • As discussed in Last Analysis   Now fresh shorts should be taken below 24600 for a move till 24450/24300. Above 24828 we should see a fast rise till 25000 as time cycle get completed on 07 Aug. Bearish below 24600 for a move till 24450/24300. Bank Nifty made low of 24844 and made high of 25980 so did the target of 25000 on time cycle close. So again we were able to time the trade using time cycle, Now bulls need a close above 25000 for a move towards 25250/25440/256000. Bears need close below 24800 for a move towards 24620/24480/24250/24000. The Most Valuable Trait You Can Ever Have

  • Bank Nifty Aug Future Open Interest Volume is at 22.4 lakh with addition of 0.45 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24665
  • 25000 CE is having highest OI @6.4 Lakh resistance at 25000 followed 25300. 24000-26000 CE added 2.8 lakh so Bears added major  position in 25000-25500 range.
  • 24500 PE is having highest OI @9.3 Lakh, strong support at 24500 followed by 24000, Bulls added 1.7 Lakh position in OI in range of 24000-26000 making strong base in range of 24000-24200.

Buy above 24920 Tgt 24970,25040 and 25125(Bank Nifty Spot Levels)

Sell below 24820 Tgt 24770,24700 and 24580 (Bank Nifty Spot Levels)

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