Bank Nifty breaks gann angle,EOD Analysis

• As Discussed in Last Analysis Bank Nifty opened with gap up but failed to hold 28225 and once 28150 was broken did  the target of 28040 and now waiting for 27920 as close below 28225. Fresh shorts can be taken below 28000 for a move towards 27920/27708. Bullish above 28100 for a move back to 28225/28368. Bank Nifty went above 28100 but was not able to sustain and as soon as 28000 was broken we did 1 target on downside 27920 and made low of 27782 and we closed below the gann angle also. Now Bulls need to close above 28151 for the up move towards 28225/28360/28512. Bearish below 27784 for a move back to 27648/27556/27360 Important intraday time for reversal can be at 10:35/1:30.  Learn to Conquer Emotions in Trading

 

• Bank Nifty Aug Future Open Interest Volume is at 20.1  lakh with liquidation of 0.17 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @27128 closed above it.
  

• 28500 CE is having highest OI @10.3 Lakh resistance at 28500 followed 28700.26500-28500 CE added huge 17.8 Lakh in OI so bears added position at higher level still resistance in range of 28400-28500.

 

• 27500 PE is having highest OI @11.8 Lakh, strong support at 27500 followed by 27400.27000-29000 PE covered 0.33 lakh OI so bulls having strong support in range of 27800-27900.
  

 

• Bank Nifty Futures Trend Deciding level is 27982 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 27926.  How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 

 

Buy above 27920 Tgt 28025,28110 and 28225 (Bank Nifty Spot Levels)

Sell below 27777 Tgt 27700,27610 and 27525 (Bank Nifty Spot Levels)