Bank Nifty forms Inside bar pattern,EOD Analysis

  • As Discussed in Last Analysis   So we did another upside target of 27772/27900, Now Bulls need to start getting cautious as we are approaching the zone of resistance of 27889-27936, where we can see profit booking. Bearish below 27610 only for a move back to 27500/27300/27216. Bank Nifty formed an inside bar pattern and we have important time cycle coming on 02 Aug and also Monetary policy tommrow  so we should see impulsive move, Bulls need to start getting cautious as we are approaching the zone of resistance of 27889-27936, where we can see profit booking. Bearish below 27610 only for a move back to 27500/27300/27216.  Important intraday time for reversal can be at 12:11/1:42.Dealing with Loss Aversion in Trading

  • Bank Nifty Aug Future Open Interest Volume is at 24.2 lakh with liquidation of 2.8 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @27128 closed above it.
  • 28000 CE is having highest OI @2.6 Lakh resistance at 28000 followed 28300.26500-28500 CE added 2.37 Lakh in OI so bears added position at higher level  making resistance in range of 27900-28000

 

  • 26000 PE is having highest OI @6.6 Lakh, strong support at 27000 followed by 26500.26000-28000 PE added 2.1 lakh OI so bulls having strong support in range of 27000-27200.

 

 

Buy above 27800  Tgt 27850,27939 and 28080 (Bank Nifty Spot Levels)

Sell below 27730 Tgt 27666,27600 and 26500 (Bank Nifty Spot Levels)

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