Bank Nifty rallies 600 points above 19158,EOD Analysis

By | August 31, 2016 11:04 pm
  • As discussed in Last analysis  Bulls need close above 19367  for target of 19650/19766, Bears below 19000 for target of 18800/18500. Till 19158 is not broken its buy on dips market.Sustaining above today’s high of 19250 bank nifty can make other move towards 19367 and close above it momentum will again come in bulls favor. Low made was 19306 , High near 19546, Bank Nifty bulls broken 19367 sustained above it and saw a big impulsive move. Now bulls should sustain above 19367 for move towards 19650-19700. Close above 19700 on Weekly basis can see bank nifty moving towards all time high.  Bank Nifty moved on similar line and achived the final target of the breakout range of 600 points as shown below. Now Bulls need to hold 19700 on Weekly basis for a move towards 20500/21000. Bears will get active below 19508 only Not able to pull the trigger in Trading

breakout tgt bank nifty

  • Bank Nifty Sep Future Open Interest Volume is at 28.2 lakh with addition of 2.1 lakh, with fall in Cost of Carry suggesting short positions were entered today. Bank nifty closed below Rollover cost  19450 closed above it,rallied 200 points.  Do you know your Risk of Ruin in trading ?
  • 20000 CE is having highest OI @8.9 Lakh resistance formation @20000. 18500-20500 CE saw 2.1 lakh addition in OI so bears added heavily in 20000-21000 CE.
  • 19000 PE is having highest OI @8.9 Lakh, strong support at 19000 followed by 19500, Bulls added 5  Lakh in OI in 18500-20500 PE  so bulls making support in zone of 19000-19200 zone.

Buy above 19820 Tgt 19870,19920 and 20000 (Bank Nifty Spot Levels)

Sell below 19700 Tgt 19650,19550 and 19450 (Bank Nifty Spot Levels)

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