Bank Nifty Analysis for July Monthly Closing

  • As discussed in last analysis We formed a perfect DOJI singalling volatile move coming as we approach montly expiry and monthly closing. Bulls need to move above 22150 for a move back to 22340 and  22570. Bears will get active below 21920 for a move back to 21750/21400/21100/20940. Bank Nifty bears have broken gann line as shown in below chart,and we have monthly close tommorw Bulls and Bears will fight for 21357. Bank Nifty Bulls need to move above 21666 for a move towards 21786/22000. Bears will get active below 21555 for a move towards 21357/21154/21000.

  • Bank Nifty Aug Future Open Interest Volume is at 13.1 lakh with addition of 4.7 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @22013 closed below it.
  • 23000 CE is having highest OI @6 Lakh resistance at 23000 followed 23200.21000-23000 CE added 24 Lakh in OI so bears added position in the zone of 22000-22500.
  • 21000 PE is having highest OI @15 Lakh, strong support at 21000 followed by 20500.21000-23000 PE added 22 Lakh OI so bulls making support in the range of 21000-21300.

Buy Above 21730 Tgt 21826,21950 and 22072 (Bank Nifty Spot Levels)

Sell Below 21400 Tgt 21200,21000 and 20800 (Bank Nifty Spot Levels)

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