Bank Nifty bounces from Gann Support Level,EOD Analysis

  • As discussed in Last Analysis   Now fresh shorts should be taken below 24600 for a move till 24450/24300. Long can be taken above 24651 for a move till 24840/25000. Low made today was 24592 so bears were unable to sustain below 24600 and bulls as soon as 24651 was broken did the first target of 24840 and closed at cycle low of 24828, 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 The Most Valuable Trait You Can Ever Have

  • Bank Nifty Aug Future Open Interest Volume is at 22 lakh with liquidation of 1.1 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @24665
  • 25000 CE is having highest OI @6.2 Lakh resistance at 25000 followed 25300. 24000-26000 CE added 1 lakh so Bears added major  position in 25000-25500 range.
  • 24500 PE is having highest OI @8.7 Lakh, strong support at 24500 followed by 24000, Bulls added 0.74 Lakh position in OI in range of 24000-26000 making strong base in range of 24000-24200.

Buy above 24860 Tgt 24920,25000 and 25125(Bank Nifty Spot Levels)

Sell below 24750 Tgt 24660,24600 and 24480 (Bank Nifty Spot Levels)

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