Nifty Bank Technical Analysis and Insights

By | August 28, 2021 6:46 pm
  • As discussed in  Last Analysis  Price has been struggling at gann angle as shown in below chart, with time cycle coming we could see potential big move as price time meets. Bulls need move above 35694 for a move towards 35937/36172. Bears will get active below 35502 for a move back to 35344/35193/35040.  We have Mercury Declination coming on 29 Aug, any Astro Event realted to mercury gives a big move in market, We will open gap up on Monday so watch for first 15 mins high and low it will decide the trend for the whole week. Bulls will get active above 35785 for a move towards 35937/36115/36289. Bears will get active below 35600 for a move back to 35453/35344/35250.

  • Bank Nifty Rollover cost @35609 closed above it. From 24th August  till 27th August , The September Series Bank NIfty Futures has added approximately 8.7 Lakh OI. And in that time span,Bank  Nifty has traded with a low of 35229 and high of 36019. We should see Voilent move once this range is crossed during September series. 
  • Bank Nifty Sep Future Open Interest Volume is at 15.1  lakh with addition of 0.47 Lakh, with increase in Cost of Carry suggesting  LONG positions were added today.
  • Globe is rallying after US Fed Commnet on Jackson Hole meeting . Rain might be around. Have a rain coat with you. I will be viewing all rallies with suspicion till they convincingly cross 35937 on Bank Nifty Sport and 36019 in bank Nifty Futures.
  • There is total OI of 36.9 Lakh on the Call side and 39.3 Lakh on the Put side. So, the activity is more on the PUT side, indicating Option Writers are having Bullish Bias.
  • The Option Table data indicates decent support at 35000 and reasonable resistance at 36500 at the start of new Weekly Expiry
  • For Positional Traders Stay long till we are holding Trend Change Level 35709 and stay short below it. That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 35666 will act as a Intraday Trend Change Level. 

Buy Above 35785 Tgt 35937, 36020 and 36115 (Bank Nifty Spot Levels)

Sell Below 35600 Tgt 35453, 35344 and 35250 (Bank Nifty Spot Levels)

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