Bank Nifty near Wolf Wave Target, EOD Analysis

• As discussed in Last analysis  Close above 19700 on Weekly basis can see bank nifty moving towards all time high.  Now Bulls need to hold 19700 on Weekly basis as seen in below chart of gann angles, we have closed above the important gann line, Now holding the range of 19700-19550 bank nifty can move towards 20500/21000. Bears will get active below 19508 Bank Nifty closed above 19700 on Weekly basis which is big positive for bulls, Now we should be headed towards 20500/20600 as per Wolf Wave shown below. Bears will get active below 19500 only in between time correction. Bank Nifty almost did the Wolf Wave pattern as we discussed, Now range of 20600-26075  is very cruical as this is next important gann level to be watched before heading towards all time high. Bears will get active below 20100 only. Do Not Limit Yourself

• Bank Nifty Sep Future Open Interest Volume is at 29.5 lakh with addition of 0.53 lakh, with fall in Cost of Carry suggesting short positions were added today. Bank nifty closed above Rollover cost ,rallied 1000 points.  Do you know your Risk of Ruin in trading ?

• 20000 CE is having highest OI @7.4 bears not covering shorts eventhough bank nifty closed way above 20000 . 18500-20500 CE saw 1.8  lakh liquidation in OI so bears running for cover in 20000-21000 CE.

• 19000 PE is having highest OI @8 Lakh, strong support at 19000 followed by 19500, Bulls added 5.3 Lakh in OI in 18500-20500 PE  so bulls making support in zone of 19600-19800 zone.

• Bank Nifty Futures Trend Deciding level is 20331 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 19695  .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 

Buy above 20480 Tgt 20580,20652 and 20760(Bank Nifty Spot Levels)

Sell below 20280 Tgt 20200,20125 and 20000 (Bank Nifty Spot Levels)

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