Nifty Bank Technical Analysis and Insights

  • As discussed in last analysis Now Bears need to break 21880 for a move back to 21710/21500. Bulls will get active above 22100 for a move back to 22300/22500. Important Astro date tommrow. Another gap up open in Bank Nifty, Now bulls need to move above 22350 for a move back to 22500/22721/22900. Bears will get active below 22250 for a move back to 22100/21920.

  • Bank Nifty Aug Future Open Interest Volume is at 12.9 lakh with liquidation of 0.52 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @22013 closed above it.
  • 22500 CE is having highest OI @12 Lakh resistance at 22500 followed 22800.21000-23000 CE added 21 Lakh in OI so bears added position in the zone of 22000-22300.
  • 21500 PE is having highest OI @12 Lakh, strong support at 21500 followed by 21200.20000-22000 PE added 14 Lakh OI so bulls making support in the range of 21500-21800.

Buy Above 22350 Tgt 22444,22551 and 22721(Bank Nifty Spot Levels)

Sell Below 22250 Tgt 22117,22016 and 21920 (Bank Nifty Spot Levels)

Leave a Reply