Bank Nifty Crashes after Union Budget

By | July 8, 2019 11:33 pm
  • As Discussed in Last Analysis Fresh long should be taken above 31660 for a move towards 31784/31964/32054. Shorts should be taken below 31305 for a move towards 31216/31128/31040/30952. Shorts did the target on downside,Neural Analysis worked perfectly and we saw big fall on 08 Jul and once below 31000 had a big fall. Now Bulls have strong support in range of 30384-30400 based on gann angles as shown in below gann angle chart. Fresh Short should be taken below 30377 for a move back to 30150/30000. Long should be take above 30672 for a move back to 30816/30960/31104.

  • Bank Nifty July Future Open Interest Volume is at 18.9 lakh with liquidation of 0.26 Lakh, with increase in Cost of Carry suggesting short  positions were closed today. Bank nifty Rollover cost @31207 closed below it and big fall.
  • 31500 CE is having highest OI @1.82 Lakh resistance at 31000  followed 31500. 30000-32000 CE added 3 Lakh in OI so bears added position in the zone of 31000-31500.
  • 30000 PE is having highest OI @2.38 Lakh, strong support at 30500 followed by 30300.30000-32000 PE liquidated 0.93 Lakh OI so bulls making strong support in the range of 30300-30500.

Buy above 30800 Tgt 30910,31184 and  31225 (Bank Nifty Spot Levels)

Sell below 30623 Tgt 30511,30400 and 30386 (Bank Nifty Spot Levels)

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