Bank Nifty reacts on time cycle date,EOD Analysis

  • As Discussed in Last Analysis High made yesterday was 27873 so we were not able to cross the resistance zone and today as soon as 27610 broken we saw a decline towards our 1 target 27500. Bears need a close below 27485 for a move back to 27400/27319/27236/27154. Bullish above 27648 for a move back to 27792/27889. We have important time cycle date tommrow. Bank Nifty bears broke 27485 and did another 2 target on downside,  and we also reacted on time cycle date as we have been discussing. Till we do not close above 27500 bears have upperhand and can push index towards 27225/27154/27070. Bullish above 27500 for a move back to 27648/27792/27889. Important intraday time for reversal can be at 9:19/1:47. The Courageous Trader

  • Bank Nifty Aug Future Open Interest Volume is at 21 lakh with liquidation of 0.49 Lakh, with increase in Cost of Carry suggesting short positions were covered today. Bank nifty Rollover cost @27128 closed above it.
  • 28000 CE is having highest OI @3.7 Lakh resistance at 27500 followed 28000.26500-28500 CE added 0.55 Lakh in OI so bears added position at higher level  making resistance in range of 27900-28000

 

  • 26500 PE is having highest OI @6.77 Lakh, strong support at 27000 followed by 26500.26000-28000 PE added 1.5 lakh OI so bulls having strong support in range of 27000-27200.

 

 

Buy above 27400 Tgt 27460,27550 and 27648 (Bank Nifty Spot Levels)

Sell below 27310 Tgt 27225,27154 and 27064 (Bank Nifty Spot Levels)

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