Bank Nifty EOD Analysis for 29 August

  • As Discussed in Last Analysis  Bulls closed above 28151 and did 1 target of 28225 and now waiting for next target of 28360/28512. Bulls need to hold 28225 on closing basis to carry the upmove towards 28500 where next major resistance lies. Bearish below 28140 for a move back to 28000/27920/27739. High made today was 28370 so we did our 2 target of 28360 and low made was 28151 so bears unable to break 28140, Now bulls need to hold 28225 on closing basis for upmove to continue towards 28370/28512. Bearish below 28140 for a move back to 28000/27920/27739. Tomorrow is important trend change date as per current time cycle.Important intraday time for reversal can be at 11:01/2:24. Honored to be part Online Trading Summit

 

  • Bank Nifty Aug Future Open Interest Volume is at 15.3 lakh with liquidation of 2.9Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @27128 closed above it.
  • 28500 CE is having highest OI @10.1 Lakh resistance at 28500 followed 28700.26500-28500 CE liquidated huge 14.2 Lakh in OI so bears ran for cover  at higher level still resistance in range of 28400-28500.

 

  • 27500 PE is having highest OI @12.9 Lakh, strong support at 28000 followed by 27800.28000-29000 PE added 21 lakh OI so bulls having strong support in range of 27800-27900.

 

 

Buy above 28300 Tgt 28370,28440 and 28539 (Bank Nifty Spot Levels)

Sell below 28160 Tgt 28100,28050 and 27970(Bank Nifty Spot Levels)

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