Bank Nifty Analysis after 700 Points Decline

• As Discussed in Last Analysis  Now Bank Nifty need to close above 28500 for the up move to continue till 28750/29041. Bears will get active below 28250 for a move back to 28100/27939. Bears were active below 28250 and we did both target on downside so gann levels worked perfectly. Bank Nifty Bulls now 27850 for a move back to 28000/28100. Bears will get active below 27683 for a move back to 27516/27351. Today was an Important Astro date and if low is protected we can rally back to 28100.
  

• Intraday time for reversal can be at 10:10/11:28/12:12/1:08/2:29 How to Find and Trade Intraday Reversal Times

• Bank Nifty Aug Future Open Interest Volume is at 16.7 lakh with addition of 1.1 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @29286  closed below it.

• 29000 CE is having highest OI @4.9 Lakh resistance at 28500  followed 29000. 27000-30000 CE added 1.2 Lakh in OI so bears added position in the zone of 28000-28500.

• 27500 PE is having highest OI @3.6 Lakh, strong support at 27500 followed by 27300.27000-29000 PE added 0.03 Lakh OI so bulls making strong support in the range of 27300-27500.

• Bank Nifty Futures Trend Deciding level is 28012(For Intraday Traders). BNF Trend Changer Level (Positional Traders) 28543 How to trade Nifty Futures and Bank Nifty Futures as per Trend Cha31388 nger Level . 

Buy above 27766 Tgt 27849,27933 and  28016 (Bank Nifty Spot Levels)

Sell below 27680 Tgt 27600,27516 and 27351  (Bank Nifty Spot Levels)

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