Bank Nifty corrects 500 points below 24450,EOD Analysis

• As discussed in Last Analysis    Bank Nifty closed below 24450 suggesting we can 24100 till we are below 24450. Bullish above 24480 for a move towards 24624/24800. Time Analysis combined with gann angle helped us in taking short below 24800 and rewarded with 450 points in 2 days. I have discussed the importance of 24476-24480 yesterday we closed below it and today we are down 500 points from that level.As seen in below chart of bank nifty with gann angle price moves quiet swiftly towards the next gann angle. Fresh shorts can be taken below 24000 for a move towards 23755-23547. Bullish above 24300 for a move towards 24500-24700.  How to deal with Stress during trading

 

• Bank Nifty Aug Future Open Interest Volume is at 21 lakh with liquidation of 2.3 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @24665 closed below it.
  

• 24500 CE is having highest OI @9.1 Lakh resistance at 24500 followed 25000. 24000-26000 CE added 1.3 lakh so Bears added major  position in 24800-24500 range.
  

• 24000 PE is having highest OI @8.4 Lakh, strong support at 24000 followed by 24200, Bulls added 5.5 Lakh position in OI in range of 24000-26000 making strong base in range of 24000-24200.

• Bank Nifty Futures Trend Deciding level is 24324 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 24870 shorts triggered on Tuesday rewarded 800 points.  How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 

Buy above 24120 Tgt 24300,24455 and 24620(Bank Nifty Spot Levels)

Sell below 24050 Tgt 23920,23801 and 23600 (Bank Nifty Spot Levels)

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