Bank Nifty Technical Analysis for 27 Jul

  • As discussed in last analysis  Bank Nifty formed a Inside Bar Pattern, Waiting for 22 Jul High and low to be broken being a Mercury Elogation day for 500-800 points move in bank nifty. Bulls need to move above  23100 for a move back to 23280/23530/23780. Bears will get active below 22800 for a move back to 22570/22340. High made was 22854 so bears were able to break 22800 and did 22570 and also 400 points done from Astro date, Now Bears need to break 22570 for a move back to 22340/22110/21870. Bulls need to break 22700 for a move back to 22871/23000/23280.

  • Bank Nifty July Future Open Interest Volume is at 14 lakh with liquidation of 1.86 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @21720 closed above it.
  • 23000 CE is having highest OI @10 Lakh resistance at 23000 followed 23300.21000-23000 CE added 34 Lakh in OI so bears added position in the zone of 23000-23500.
  • 22500 PE is having highest OI @22 Lakh, strong support at 22500 followed by 22300.21000-23000 PE added 24 Lakh OI so bulls making support in the range of 22000-22300.

Buy Above 22700 Tgt 22850,23000 and 23081 (Bank Nifty Spot Levels)

Sell Below 22600 Tgt 22450,22300 and  22150 (Bank Nifty Spot Levels)

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