Bank Nifty Analysis for 08 Sep

  • As discussed in last analysis  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. Low made was 22716 so bears failed to do lower targets. We are near gann angle support as shown in below chart bulls need to move above 23150 for a move back to 23310/23500. Bears below 22900 can move towards 22720/22555/22350.

  • 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 @11 Lakh resistance at 23500 followed 24000.23000-26000 CE added 14 Lakh in OI so bears added position in the zone of 24500-26000
  • 22500 PE is having highest OI @13 Lakh, strong support at 22800 followed by 22500.23000-25000 PE added 13 Lakh OI so bulls making support in the range of 23300-23000.

Buy Above 23000 Tgt 23130,23310 and 23520 (Bank Nifty Spot Levels)

Sell Below 22900 Tgt 22750,22580 and 22350 (Bank Nifty Spot Levels)

4 thoughts on “Bank Nifty Analysis for 08 Sep”

  1. bulls need to move above 22150 for a move back to 22310/22500.
    Please rectify – Bulls need to move above 23150 for a move back to 23310/23500 instate of 22150, 22310/22500.

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