Bank Nifty Bulls continue to hold support zone,EOD Analysis

• As Discussed in Last Analysis  Low made was 27246 so bank nifty held on to support zone of 27225-27250 for 2 day and in process held to gann angle as shown in below chart. High made was 27552 so bulls were able to do 1 target of 27500. Bulls now need to move above 27500 for a move back to /27656/27784/27920.  Bearish below 27200 for a move back to 27040/26928. Low made today was 27233 so bank nifty held on to support zone of 27225-27250 for 3 day and in process held to gann angle as shown in below chart. High made was 27512 so bulls were able to do 1 target of 27500. Bulls now need to move above 27500 for a move back to 27656/27784/27920.  Bearish below 27200 for a move back to 27040/26928.Important intraday time for reversal can be at 10:19/2:32. Sneak Peek into Online Trading Summit

 

• Bank Nifty Sep Future Open Interest Volume is at 14.7 lakh with liquidation of 0.02 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @28307 closed below it and corrected 1000 points.
  

• 28500 CE is having highest OI @4.4 Lakh resistance at 27800 followed 28000.  27000-29000 CE added 0.54 Lakh in OI so bears continue to  add at 27700-28000 CE.

 

• 27000 PE is having highest OI @9.5 Lakh, strong support at 27000 followed by 27200.27000-29000 PE added 0.84  lakh OI so bulls having strong support in range of 27100-27300.
  

 

• Bank Nifty Futures Trend Deciding level is 27492 For Intraday Traders). BNF Trend Changer Level (Positional Traders) 27824 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 

 

Buy above 27512 Tgt 27580,27656 and 27739 (Bank Nifty Spot Levels)

Sell below 27400 Tgt 27320,27240 and 27125(Bank Nifty Spot Levels)