Bank Nifty Technical Analysis for 24 Jul

• As discussed in last analysis  Today Mercury goes in Elogation suggesting another big move is coming in Bank Nifty in next 2 days. Bulls need to move above  23040 for a move back to 23280/23530/23780. Bears will get active below 22800 for a move back to 22570/22340. Bank Nifty formed a Inside Bar Pattern, Waiting for 22 Jul High and low to be broken being a Mercury Elogation day for 500-800 points move in bank nifty. Bulls need to move above  23100 for a move back to 23280/23530/23780. Bears will get active below 22800 for a move back to 22570/22340.

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• Intraday time for reversal can be at 9:16/10:56/11:40/12:14/2:46 How to Find and Trade Intraday Reversal Times

• Bank Nifty July Future Open Interest Volume is at 16.3 lakh with addition of 8.8 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @21720 closed above it.

• 23500 CE is having highest OI @6 Lakh resistance at 23300 followed 23600.21000-23000 CE added 24 Lakh in OI so bears added position in the zone of 21500-22000.

• 22500 PE is having highest OI @22 Lakh, strong support at 22500 followed by 22300.21000-23000 PE added 14 Lakh OI so bulls making support in the range of 21800-22000.

• Bank Nifty Futures Trend Deciding level is 22961 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 22036  How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . ;

Buy Above 23130 Tgt 23225,23367 and 23500 (Bank Nifty Spot Levels)

Sell Below 22920 Tgt 22840,22600 and  22451(Bank Nifty Spot Levels)

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