Bank Nifty close above 28000 holding time cycle low

  • As Discussed in Last Analysis  Bulls now need a close above 27940 for the upmove to continue towards 28080/28234/28368. Bearish below 27790 for a move back to 27650/27500. 11 Aug is important time cycle date so we can see effect on 10 Aug or 13 Aug till than we can play range bound move between the trigger levels. Bank Nifty broke  27940 and did our 1 target of 28080 now waiting for our next target of 28234/28320/28404 till we close above 27984. Bearish below 27900 for a move back to 27817/27734. We are up 800 point from time cycle low of 02 Aug, thats the power of time cycle. Important intraday time for reversal can be at 10:40/3:02. Trading With Your Own Money

  • Bank Nifty Aug Future Open Interest Volume is at 27.2  lakh with liquidation of 0.59 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 @7.2 Lakh resistance at 28300 followed 28500.26500-28500 CE liquidated 0.02 Lakh in OI so bears covered  position at higher level still resistance in range of 28300-28500.

 

  • 27000 PE is having highest OI @6.4 Lakh, strong support at 27500 followed by 27000.26500-28500 PE added 1.9 lakh OI so bulls having strong support in range of 27500-27600.

 

 

Buy above 28100 Tgt 28175,28286 and 28350 (Bank Nifty Spot Levels)

Sell below 27990 Tgt 27910,27830 and 27746 (Bank Nifty Spot Levels)

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