Bank Nifty Bulls fails at 24476 again,EOD Analysis

• As discussed in Last Analysis  Now we are again approaching the crucial range of 24476-480, fresh longs should be taken above this for a move towards 24648/24800/24928. Bearish below 24389 for a move towards 24120/24000. 17 Aug is again a time cycle date so expect volatility in market. High made today was 24496 in opening tick and as soon as 24476 was broken bears have upperhand and pushed bank nifty towards 21120, Low made was 24121 before pullback. So Bank Nifty played well in the range of 24120-24476 and also 17 Aug played well. Now till 24476 is not crossed bears will have upperhand. Fresh longs above 24476 for a move towards  24648/24800/24928. Bearish below 24100 for a move towards 23963/23755. How to Maintain Control and Discipline in Your Trading 

 

 

• Bank Nifty Aug Future Open Interest Volume is at 19 lakh with liquidation of 1 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @24665 closed below it.
  

• 25000 CE is having highest OI @14.4 Lakh resistance at 24500 followed 25000. 24000-26000 CE added 6 lakh major addition seen by Bears in 24500-24800 range.
  

• 24000 PE is having highest OI @9.3 Lakh, strong support at 24000 followed by 23800, Bulls added 1.4 Lakh position in OI in range of 24000-26000 making strong base in range of 24000-23800.

• Bank Nifty Futures Trend Deciding level is 24345 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 24700  How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 

Buy above 24300 Tgt 24380,24446 and 24550(Bank Nifty Spot Levels)

Sell below 24200 Tgt 24130,24051 and 23900 (Bank Nifty Spot Levels)

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