Nifty Bank Analysis as Venus Elogation shows Effect

  • As discussed in last analysis  Now Bears need to protect 22370-22400 range for the downmove towards 22032/21888/21744. Bulls will get active above 22464 for a move back to 22608/22752/22896.High made was 22334 so bear unable to break PRZ zone of 22370-22400 and did all target towards 21744 so harmonic worked as per expectation and also we made top on 13 Aug which was Venus Elogation date as discussed , both price time confirmed and it became a good trade, Bears were also able to break the gann angle on closing basis suggesting  more fall can be seen below 21450. Bears will get active below 21609 for a move back to 21316/21025. BYlls will get active above 21904 for a move back to 22201/22500.

  • Bank Nifty Aug Future Open Interest Volume is at 14.8 lakh with addition of 0.41 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @22013 closed below it.
  • 22000 CE is having highest OI @14 Lakh resistance at 22000 followed 22300.21000-23000 CE added 20 Lakh in OI so bears added position in the zone of 22000-22300.
  • 21000 PE is having highest OI @8 Lakh, strong support at 21500 followed by 21200.20000-22000 PE added 4 Lakh OI so bulls making support in the range of 21500-21300.

Buy Above 21751 Tgt 21897,22040 and 22180 (Bank Nifty Spot Levels)

Sell Below 21600 Tgt 21459,21325 and 21150 (Bank Nifty Spot Levels)

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