Bank Nifty Aug Expiry Analysis

  • As Discussed in Last Analysis  28 Aug is important time cycle date,Bulls need to move above 28150 for a move towards 28282/28400/28600. Bears will get active below 27950 for a move back to 27800/27650. 28095 was the high today and once 27950 was broken bears did 27650 on downside, Now Bears need to break 27717 for down move to continue towards 27550/27300. Bulls will get active above 27900 for a move back to 28051/28225. Break of today high and low can easily give 300-500 points.

  • Bank Nifty Aug Future Open Interest Volume is at 14.5 lakh with addition of 1 Lakh, with increase in Cost of Carry suggesting short  positions were added today. Bank nifty Rollover cost @29286  closed below it.
  • 28300 CE is having highest OI @7.6 Lakh resistance at 28300  followed 28500. 27000-30000 CE added 13 Lakh in OI so bears added position in the zone of 28100-28300.
  • 27500 PE is having highest OI @9 Lakh, strong support at 27500 followed by 27300.27000-29000 PE liquidated 10 Lakh OI so bulls making support in the range of 27500-27300.Break of 27500 can see a fast downmove.

Buy above 27883 Tgt 27967,28051 and  28200  (Bank Nifty Spot Levels)

Sell below 27717 Tgt 27634,27550 and 27400 (Bank Nifty Spot Levels)

Upper End of Expiry : 28049

Lower End of Expiry :27555

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