Bank Nifty Analysis after RBI Hikes Rate

• As Discussed in Last Analysis   Bank Nifty formed an inside bar pattern and we have important time cycle coming on 02 Aug and also Monetary policy tommrow  so we should see impulsive move, Bulls need to start getting cautious as we are approaching the zone of resistance of 27889-27936, where we can see profit booking. Bearish below 27610 only for a move back to 27500/27300/27216.  High made yesterday was 27873 so we were not able to cross the resistance zone and today as soon as 27610 broken we saw a decline towards our 1 target 27500. Bears need a close below 27485 for a move back to 27400/27319/27236/27154. Bullish above 27648 for a move back to 27792/27889. We have important time cycle date tommrow. Important intraday time for reversal can be at 10:54/12:41/2:03.Dealing with Loss Aversion in Trading

• Bank Nifty Aug Future Open Interest Volume is at 21.5 lakh with liquidation of 2.7 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @27128 closed above it.
  

• 28000 CE is having highest OI @3.5 Lakh resistance at 28000 followed 28300.26500-28500 CE added 0.94 Lakh in OI so bears added position at higher level  making resistance in range of 27900-28000

 

• 26500 PE is having highest OI @5.3 Lakh, strong support at 27000 followed by 26500.26000-28000 PE added 0.32 lakh OI so bulls having strong support in range of 27000-27200.
  

 

• Bank Nifty Futures Trend Deciding level is 27702 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 27637.  How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 

 

Buy above 27650  Tgt 27770,27850 and 27940 (Bank Nifty Spot Levels)

Sell below 27550 Tgt 27480,27410 and 27320 (Bank Nifty Spot Levels)