Bank Nifty ready for a big move

By | July 30, 2019 7:12 am
  • As Discussed in Last Analysis  29300 done now waiting for 29525/29700. Bears will become active below 29100 for a move back to 28871/28666. 29525 done, Low made was 29105 so bears failed to break 29100. Till we are holding 29100 we can see a rally towards 29274/29446/29532. Bears will get active below 29070 for a move towards 28901/28763. Yesterday high and low very important.

  • Bank Nifty July Future Open Interest Volume is at 15.1 lakh with addition of 1.31 Lakh, withdecrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @29286  closed above it.
  • 29500 CE is having highest OI @1.3 Lakh resistance at 29500  followed 30000. 28000-30000 CE added 0.80 Lakh in OI so bears added position in the zone of 29500-30000.
  • 28500 PE is having highest OI @4.5 Lakh, strong support at 28500 followed by 29000.28500-29000 PE added 0.37 Lakh OI so bulls making strong support in the range of 28000-28500.

Buy above 29333 Tgt 29468,29554 and  29666 (Bank Nifty Spot Levels)

Sell below 29200 Tgt 28100 ,29871 and 28700 (Bank Nifty Spot Levels)

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Category: Daily

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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