Bank Nifty Technical Setup with New Time Cycle Starting

  • As discussed in Last Analysis   Bullish above 24510 for a move towards 24750/25000.IN between 24200-24510 ping pong continues. Next 2 days are very crucial as per time cycle, Hopefully we can see breakout/breakdown soon.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. Build up your confidence as a trader

  • Bank Nifty Sep Future Open Interest Volume is at 18.8 lakh with addition of 0.02 Lakh, with decrease in Cost of Carry suggesting Long positions were added today. Bank nifty Rollover cost @24345 closed above it. Trading around rollover price for so long big move can come anytime.

 

  • 24500 CE is having highest OI @9.7  Lakh resistance at 24500 followed 25000. 24000-26000 CE added 0.86 lakh so bears added major position  in 24500/25000 CE.

 

  • 24000 PE is having highest OI @10.8 Lakh, strong support at 24000 followed by 23800, Bulls added 2.7 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)

Click Here to Like Facebook Page get Real time updates

Click Here to Join me on Twitter

2 thoughts on “Bank Nifty Technical Setup with New Time Cycle Starting”

Leave a Reply