Bank Nifty forms DOJI on Time Cycle Date

By | August 3, 2019 12:20 pm
  • As Discussed in Last Analysis   02 Aug is important time cycle date so we can do price time squaring if we close above 28525 tomorrow. Bulls need a close above 28420 for a move towards 28552/28636/28721/28900. Bears will get active below 28215 for a move back to 28131/28047/27879. Bank Nifty Took Support at gann angle and formed DOJI on time cycle date 02 AUg. Now Bulls need to move above 28225 for a move back to 28400/28578/28700. Bears will get active below 28100 for a move back to 27900/27666.

  • Bank Nifty July Future Open Interest Volume is at 17.2 lakh with liquidation of 1.67 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @29286  closed below it.
  • 29000 CE is having highest OI @4.8 Lakh resistance at 29000  followed 29500. 28000-30000 CE added 1.75 Lakh in OI so bears added position in the zone of 29000-29500.
  • 28000 PE is having highest OI @2.3 Lakh, strong support at 28100 followed by 28000.28000-29000 PE liquidated 0.42 Lakh OI so bulls making strong support in the range of 28100-28200.

Buy above 28230 Tgt 28355,29439 and  28608 (Bank Nifty Spot Levels)

Sell below 28120 Tgt 28040,27956 and 27873 (Bank Nifty Spot Levels)

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Category: Bank Nifty Time Cycle

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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