- As discussed in Last Analysis 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. As per time analysis we should see big move on 03-04 Aug. So we got the big move as we were expecting beauty of time cycle, 03 Aug was a pressure date within an existing time cycle, its a rare phenomenon but whenever it happens it give good move . Trades who shorted below 25000 were rewarded with 400 points as its was weekly option expiry so good money would have been made. Also today we broke the major time cycle low of 24828, and we got a 200 point fall in same day, Now fresh shorts should be taken below 24600 for a move till 24450/24300. Low can be taken above 24651 for a move till 24840/25000. What not to do in Bull Market
- Bank Nifty Aug Future Open Interest Volume is at 23.1 lakh with liquidation of 2.4 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @24665
- 25000 CE is having highest OI @5.9 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 @8.7 Lakh, strong support at 24500 followed by 24000, Bulls added 4.5 Lakh position in OI in range of 24000-26000 making strong base in range of 24000-24200.
Buy above 24700 Tgt 24760,25870 and 25960(Bank Nifty Spot Levels)
Sell below 24600 Tgt 24520,24450 and 24380 (Bank Nifty Spot Levels)
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