Bank Nifty breaks gann angle,EOD Analysis

  • As Discussed in Last Analysis  Till 28224 is held bulls can rally towards 28368/28512/28650. Bearish below 28150 for a move back to 28040/27920. Bank Nifty opened with gap up but failed to hold 28225 and once 28150 was broken did  the target of 28040 and now waiting for 27920 as close below 28225. Fresh shorts can be taken below 28000 for a move towards 27920/27708. Bullish above 28100 for a move back to 28225/28368. Important intraday time for reversal can be at 10:49/12:15.  Learn to Conquer Emotions in Trading

 

  • Bank Nifty Aug Future Open Interest Volume is at 23.7  lakh with liquidation of 0.93 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @27128 closed above it.
  • 28500 CE is having highest OI @9.4 Lakh resistance at 28500 followed 28700.26500-28500 CE added huge 14.7 Lakh in OI so bears added position at higher level still resistance in range of 28400-28500.

 

  • 27500 PE is having highest OI @11.8 Lakh, strong support at 27500 followed by 27400.27000-29000 PE added 9.6 lakh OI so bulls having strong support in range of 27800-27900.

 

 

Buy above 28064 Tgt 28125,28225 and 28325 (Bank Nifty Spot Levels)

Sell below 27960 Tgt 27900,27820 and 27739 (Bank Nifty Spot Levels)

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