Bank Nifty Continue its range trade,EOD Analysis

  • As discussed in Last Analysis   Bullish above 24510 for a move towards 24750/25000.IN between 24200-24510 ping pong continues. High made was 24331 and low made was 24151 but closed above 24200 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. Shorts below 24200 got stopped out again today, Next 2 days are very crucial as per time cycle, Hopefully we can see breakout/breakdown soon.  Build up your confidence as a trader

  • Bank Nifty Sep Future Open Interest Volume is at 17.8 lakh with liquidation of 0.88 Lakh, with decrease in Cost of Carry suggesting Long positions were closed today. Bank nifty Rollover cost @24345 closed below it, High made today was 24350 and turned back.

 

  • 25000 CE is having highest OI @7 Lakh resistance at 24500 followed 25000. 24000-26000 CE liquidated 0.42 lakh so bears liquidated position  in 24500/25000 CE.

 

  • 24000 PE is having highest OI @8 Lakh, strong support at 24000 followed by 23800, Bulls added 0.67 Lakh position in OI in range of 24000-26000.

 

Buy above 24350 Tgt 24430,24510 and 24620(Bank Nifty Spot Levels)

Sell below 24250 Tgt 24180,24100 and 23950 (Bank Nifty Spot Levels)

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