Bank Nifty EOD Analysis for Aug RBI Policy

  • As discussed in Last Analysis   Fresh longs should be taken above 25000 for a move towards 25200-25284. Bearish below 24624 for a move towards 24480-24300.  High made today was 25168 so bank nifty reached near our target of 25200 but did not achieve it,hopefully will be done tomorrow. Close above 25200 will push bank nifty towards 25344/25500. As we have new time cycle starting today so today’s low of 24828 should be held till 07 Aug for Bulls to have upper hand and move towards 25200/25344/25560. Bearish below 25000 for a move towards 24840/24440. High made today was 25179, so bulls continue to rally holding 25000. Any close above 25200 can see fast rally towards 25344/25500. Till Time cycle low of 24828 is holding bulls have upper hand and rally towards 25676 which is gann angle resistance. Bearish below 25000 for a move towards 24840/24440. RBI Policy outcome will come around 2 PM so trade cautiously.  What not to do in Bull Market

  • Bank Nifty Aug Future Open Interest Volume is at 24.8 lakh with liquidation of 0.34 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @24665
  • 25500 CE is having highest OI @3.8 Lakh resistance at 25500 followed 25300. 24000-26000 CE added 3.5 lakh so Bears added major  position in 25000-25500 range.
  • 24000 PE is having highest OI @6.9 Lakh, strong support at 24500 followed by 24000, Bulls added 4.9 Lakh position in OI in range of 24000-26000 making strong base in range of 24000-24200.

Buy above 25200 Tgt 25280,25370 and 25460(Bank Nifty Spot Levels)

Sell below 25090 Tgt 25000,24920 and 24830 (Bank Nifty Spot Levels)

Click Here to Like Facebook Page get Real time updates

Click Here to Join me on Twitter

Leave a Reply