Bank Nifty Bears continue to make merry below 28151,EOD Analysis

• As Discussed in Last Analysis  High made was 28157 so bulls unable to close above 28151 and beers again got 200 points from 28151. Just a word of caution Good GDP Figure do not mean market needs to go up,Try to focus on levels to trade.Bears will get momentum below 27920 can push index towards 27784/26656/26500.Bullish above 28180 for a move back to 28225/28344/28512/28656. Bank Nifty open with gap up but as soon as 28151 broken bears took the front foot and it saw a waterfall decline below 27920 and did 27784 low made was 27777. Now Bears need to break 27739 for a move back to 27656/27570/27360/27220. Bullish above 27920 for a move back to 28000/28070/28225.  Important intraday time for reversal can be at 11:06/1:25. Honored to be part Online Trading Summit

 

• Bank Nifty Sep Future Open Interest Volume is at 16.7 lakh with addition of 0.70 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @28307 closed below it.
  

• 29000 CE is having highest OI @7.3 Lakh resistance at 28500 followed 29000.  27000-29000 CE added 1.42 Lakh in OI so bears continue to  add at 28500-29000.

 

• 27000 PE is having highest OI @7.7 Lakh, strong support at 27500 followed by 27300.27000-29000 PE added 0.65 lakh OI so bulls having strong support in range of 27700-27500.
  

 

• Bank Nifty Futures Trend Deciding level is 28126 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 28172.  How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 

 

Buy above 27850  Tgt 27920,28000 and 28070 (Bank Nifty Spot Levels)

Sell below 27777 Tgt 27720,27666 and 27530(Bank Nifty Spot Levels)