Bank Nifty does 27994 holding time cycle low,EOD Analysis

  • As Discussed in Last Analysis As soon as 27500 broken bank nifty rallied all the way towards 27723 doing our 1 target and now waiting for 27792/27889.Bearish below 27651 for a move towards 27568/27485. 06 Aug is another important time cycle date after 02 Aug. 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. Important intraday time for reversal can be at 9:19/1:18/2:34.Dealing with Loss Aversion in Trading

  • Bank Nifty Aug Future Open Interest Volume is at 27  lakh with addition of2.8 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @27128 closed above it.
  • 28000 CE is having highest OI @3.7 Lakh resistance at 28000 followed 28300.26500-28500 CE added 0.35 Lakh in OI so bears added  position at higher level making resistance in range of 27900-28000

 

  • 26500 PE is having highest OI @6.9 Lakh, strong support at 27500 followed by 27000.26000-28000 PE added 2.2 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 27790,27666 and 27550 (Bank Nifty Spot Levels)

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