Bank Nifty Continue to rally after breakout,EOD Analysis

  • As Discussed in Last Analysis  Bank Nifty gave us the big move as per our expectation and did all our target on expiry day,Now Bulls need to close above 27504 for a move towards 27648/27720/27900/28080 in August Series. Bearish below 27000 for a move back to 26930/27784/26640/26496. Bank Nifty did a good follow up on breakout and did our 1 target of 27648 and closed well above 27504. Now we might see some consolidation in coming week but till we are holding 27504 we can continue rally towards 27720/27900/28080 . Bearish below 27360 for a move back to 27216/27072/26900.  Important intraday time for reversal can be at 11:12/1:34. NSE Extended Trading Hours Pros and Cons

  • Bank Nifty Aug Future Open Interest Volume is at 25.3 lakh with addition of 2.4 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @27128 closed above it.
  • 27500 CE is having highest OI @6 Lakh resistance at 27700 followed 28000.26500-28500 CE added 0.05 Lakh in OI so bears added position at higher level  making resistance in range of 27700-27800

 

  • 26000 PE is having highest OI @6.5 Lakh, strong support at 26500 followed by 26000.26000-28000 PE added 2.7 lakh OI so bulls having strong support in range of 26700-26800.

 

 

Buy above 27666  Tgt 27722,27790 and 27900 (Bank Nifty Spot Levels)

Sell below 27555 Tgt 27500,27420 and 26300 (Bank Nifty Spot Levels)

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