Bank Nifty continue to rally above 28064,EOD Analysis

  • As Discussed in Last Analysis  Now Bulls need a close above 28224 an important vedic number for the rally to continue towards 28320/28404/28488. Bearish below 28050 for a move towards 27984/27900/27784. 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. Important intraday time for reversal can be at 11:18/2:35. Solution of Trading Mistake which Retail Traders Make

 

  • Bank Nifty Aug Future Open Interest Volume is at 24.6 lakh with addition of 0.10 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @27128 closed above it.
  • 29000 CE is having highest OI @7.1 Lakh resistance at 28500 followed 28700.26500-28500 CE liquidated 0.31 Lakh in OI so bears covered  position at higher level still resistance in range of 28400-28500.

 

  • 27500 PE is having highest OI @10.2 Lakh, strong support at 27500 followed by 27400.27000-29000 PE added 4.1 lakh OI so bulls having strong support in range of 27800-27900.

 

 

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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