Bank Nifty Consolidates between gann levels

  • As Discussed in Last Analysis  All Bullish target done by bank nifty, 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. Bank Nifty opened with gap up but again failed to close above 27940,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. Important intraday time for reversal can be at 9:42/2:13. Trading With Your Own Money

  • Bank Nifty Aug Future Open Interest Volume is at 27.8  lakh with addition of 0.8 Lakh, 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 @3.8 Lakh resistance at 28000 followed 28300.26500-28500 CE liquidated 0.24 Lakh in OI so bears covered  position at higher level making still resistance in range of 27900-28000

 

  • 26500 PE is having highest OI @7.3 Lakh, strong support at 27500 followed by 27000.26000-28000 PE added 0.30 lakh OI so bulls having strong support in range of 27500-27600.

 

 

Buy above 27920 Tgt 28001,28114 and 28210 (Bank Nifty Spot Levels)

Sell below 27860 Tgt 27800,27720 and 27650 (Bank Nifty Spot Levels)

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