Bank Nifty Analysis for 07 Sep

  • As discussed in last analysis Bulls got whipsawed and bears did 23596 on downside and now waitng for 23317/23150/22900/22700. Bulls will get active above 23751 for a move back to 23904/24278/24500. Bank Nifty made top at Gann Angle as shown in below chart and we have corrected around 1500 points in 5 trading sessions. 22900 done and now we are heading towards 22610/22419/22100 till we are below 23200 levels. Bulls will get active above 23333 for a move back to 23500/23666/23829.

  • Bank Nifty Sep Future Open Interest Volume is at 14.2 lakh with liquidation of 0.59 Lakh, with increase in Cost of Carry suggesting short  positions were closed today. Bank nifty Rollover cost @23392 closed below it.
  • 23500 CE is having highest OI @10 Lakh resistance at 23500 followed 24000.23000-26000 CE added 24 Lakh in OI so bears added position in the zone of 24500-26000
  • 22500 PE is having highest OI @10 Lakh, strong support at 22800 followed by 22500.23000-25000 PE added 3 Lakh OI so bulls making support in the range of 23300-23000.

Buy Above 23052 Tgt 23135,23300 and 23450 (Bank Nifty Spot Levels)

Sell Below 22870 Tgt 22777,22580 and 22350 (Bank Nifty Spot Levels)

1 thought on “Bank Nifty Analysis for 07 Sep”

Leave a Reply