Bank Nifty falls 700 points on time cycle date

By | August 22, 2019 8:22 pm
  • As Discussed in Last Analysis  We are back to gann angle support as shown in below chart, BUlls now need to move above 27850 for a move back to 27990/28100. Bears will get active below 27666 for a move back to 27500/27333. Very Important time cycle date tomorrow. High made was 27690 and once below 27666 bears had upper hand and saw index doing all target on downside,we had a major breakdown today so we can see the decline extending till 26500/26000 till we are below 27300. We saw the effect of time cycle date today as bank nifty corrected almost 700 points. Bulls need to see rise above 27300 for a move back to 27500/27666/27800.

  • Bank Nifty Aug Future Open Interest Volume is at 17.3 lakh with addition of 1.66 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @29286  closed below it.
  • 27500 CE is having highest OI @4.1 Lakh resistance at 27500  followed 27800. 27000-30000 CE added 10 Lakh in OI so bears added position in the zone of 2750-27800.
  • 26500 PE is having highest OI @1.7  Lakh, strong support at 26800 followed by 26500.27000-29000 PE added 1.77 Lakh OI so bulls making strong support in the range of 27000-26800.

Buy above 27057 Tgt 27139,27221 and  27304  (Bank Nifty Spot Levels)

Sell below 26975 Tgt 26892,26811 and 26729 (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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