Bank Nifty did another failed breakout,EOD Analysis

  • As Discussed in Last Analysis   Bank Nifty Bulls close above 26930 and did 27040 and mostly will do target of 27064/27225 in next 2 days. Bulls need to hold 26930 for the target to come and also break above the gann angle, Bearish below 26930 for a move back to 26784/26640/26496. Bank Nifty did 27064 but again unable to close above gann angle, also did whipsaw on short side, Now bulls need to close above 27008 for a move towards 27130/27225.Bearish below 26900 for a move back to 26784/26640/26496.Important intraday time for reversal can be at 11/1:37. Money Management Matters In Trading

  • Bank Nifty July Future Open Interest Volume is at 15.4 lakh with liquidation of 3.2 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @26490 closed below it.
  • 27500 CE is having highest OI @10 Lakh resistance at 27300 followed 27500.26000-28000 CE added 13 Lakh in OI so bears added position at higher level  still resistance in range of 27300-27500

 

  • 26500 PE is having highest OI @7 Lakh, strong support at 26500 followed by 26300.26000-28000 PE added 1.5 OI so bulls having strong support in range of 26500-26600.

 

 

Buy above 27000  Tgt 27064,27150 and 27225 (Bank Nifty Spot Levels)

Sell below 26920 Tgt 26860,26784 and 26700 (Bank Nifty Spot Levels)

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