Bank Nifty Continue to Hold Time Cycle Low

  • As Discussed in Last Analysis   Bank Nifty Low made was 27335 so bulls were able to protect 27300 and today being an Important Time date so till we are holding 27300 we have done price time squaring and heading higher towards 27656/27830/27920/28100. Bears will become active below 27300 for a move back to 27225/27100/27000. Low made today was 27410 so bulls protecting time cycle low of 27300 Bulls now need to close above 27530 for upmove to continue towards  27656/27830/27920/28100.Bears will become active below 27400 for a move back to 27225/27100/27000 Intraday time for reversal can be at 10:35/1:36. Are you Victim of “Out of Control Trading”

  • Bank Nifty Jan Future Open Interest Volume is at 20 lakh with liquidation of 1 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @27033 closed above it.
  • 28000 CE is having highest OI @5.1 Lakh resistance at 27800  followed 28000.  26000-28000 CE added 0.62 Lakh in OI so bears added position  in the zone of 27700-27800.
  • 27500 PE is having highest OI @7 Lakh, strong support at 27300 followed by 27100.26000-28000 PE added 0.80 Lakh OI so bulls making strong support in the range of 27200-27300.

Buy above 27500 Tgt 27570,27640 and 27720 (Bank Nifty Spot Levels)

Sell below 27450 Tgt 27370,27270 and 27150 (Bank Nifty Spot Levels)

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