- As discussed in Last Analysis I have discussed the importance of 24476-24480 yesterday we closed below it and today we are down 500 points from that level.As seen in below chart of bank nifty with gann angle price moves quiet swiftly towards the next gann angle. Fresh shorts can be taken below 24000 for a move towards 23755-23547. Bullish above 24300 for a move towards 24500-24700. We gave this message on our Facebook page on Friday,Traders who went long would have been rewarded by this message as bank nifty bounced back around 400 points from the low. Bulls should hold 24100 for a move towards 24372/24520/24648. Bears below 24000 can push bank nifty towards 23822/23755/23540. How to Maintain Control and Discipline in Your Trading
- Bank Nifty Aug Future Open Interest Volume is at 19.7 lakh with liquidation of 0.41 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @24665 closed below it and corrected 500 points
- 25000 CE is having highest OI @10.7 Lakh resistance at 24500 followed 25000. 24000-26000 CE liquidated 0.38 lakh so no major liquidation seen by Bears in 24500-24800 range.
- 24000 PE is having highest OI @8.1 Lakh, strong support at 24000 followed by 23800, Bulls added 0.41 Lakh position in OI in range of 24000-26000 making strong base in range of 24000-23800.
- Bank Nifty Futures Trend Deciding level is 24232 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 24763 shorts triggered on Tuesday rewarded 800 points. How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 24120 Tgt 24200,24296 and 24380(Bank Nifty Spot Levels)
Sell below 24010 Tgt 23940,23861 and 23750 (Bank Nifty Spot Levels)