Bank Nifty Breakout on Time Cycle Date,EOD Analysis

  • As discussed in Last Analysis   High made was 24419 and low made was 24273 so again bank nifty traded in the range of 24200-24500 so the ping pong move continues. Bullish above 24510 for a move towards 24750/25000.IN between 24200-24510 ping pong continues.New Time Cycle will start from 11 Sep so hopefully we will see a good move soon. New Time Cycle started out, breakout happened above 24510 and did the first target 24735, so both price and time were in favor and we got the big move. Bank Nifty above 24768 can see move towards 24912/25050. Bearish below 24480 for a move towards 24336/24180/24000.  Build up your confidence as a trader

  • Bank Nifty Sep Future Open Interest Volume is at 23.4 lakh with addition of 4.5 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24345 closed above it rallied 400 points above it.


  • 25000 CE is having highest OI @7.6 Lakh resistance at 24500 followed 25000. 24000-26000 CE added 6.5 lakh so bears added major position  in 25000/25200 CE.


  • 24000 PE is having highest OI @12.1 Lakh, strong support at 24000 followed by 23800, Bulls added 2.1 Lakh position in OI in range of 24000-26000.


Buy above 24720 Tgt 24790,24880 and 24940(Bank Nifty Spot Levels)

Sell below 24600 Tgt 24520,24440 and 23350 (Bank Nifty Spot Levels)

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