Bank Nifty Continue to rally heading in zone of resistance

  • As Discussed in Last Analysis   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. 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. Important intraday time for reversal can be at 1:16/2:11.Dealing with Loss Aversion in Trading

  • Bank Nifty Aug Future Open Interest Volume is at 27.1 lakh with addition of 1.8Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @27128 closed above it.
  • 28000 CE is having highest OI @3.7 Lakh resistance at 28000 followed 28300.26500-28500 CE added 0.85 Lakh in OI so bears added position at higher level  making resistance in range of 27900-28000

 

  • 26000 PE is having highest OI @6.5 Lakh, strong support at 27000 followed by 26500.26000-28000 PE added 4.8 lakh OI so bulls having strong support in range of 27000-27200.

 

 

Buy above 27888  Tgt 27936,28020 and 28080 (Bank Nifty Spot Levels)

Sell below 27777 Tgt 27666,27600 and 26500 (Bank Nifty Spot Levels)

Follow on Facebook https://www.facebook.com/Brameshs-Tech-14011718268586

Follow on Twitter:https://twitter.com/brahmesh

Leave a Reply