- As Discussed in Last Analysis We did the 1 target of this move above 28224 and now awaiting for higher target of 28404/28488. Bulls need a close above 28468 for the further up-move towards 28700/28850. Bearish below 28170 for a move towards 28064/27920. Low made today was 28151 so bank nifty went below 28170 but quickly recovered whipsawing bears, but managed to close above 28224 suggesting bulls still have upper hand. Till 28224 is held bulls can rally towards 28368/28512/28650. Bearish below 28150 for a move back to 28040/27920. Important intraday time for reversal can be at 12:13/2:55. 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.
- 29000 CE is having highest OI @7.4 Lakh resistance at 28500 followed 28700.26500-28500 CE added 2.34 Lakh in OI so bears added position at higher level still resistance in range of 28400-28500.
- 27500 PE is having highest OI @10.9 Lakh, strong support at 27500 followed by 27400.27000-29000 PE added 4.5 lakh OI so bulls having strong support in range of 27800-27900.
- Bank Nifty Futures Trend Deciding level is 28258 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 27912. How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 28280 Tgt 28334,28400 and 28480 (Bank Nifty Spot Levels)
Sell below 28220 Tgt 28120,28040 and 27930 (Bank Nifty Spot Levels)
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