Ideas and Forecasts on NIFTY BANK Weekly Expiry

By | July 8, 2020 7:41 pm
  • As discussed in last analysis  Now Bulls need to hold 22500-22550 range for the upmove to continue towards 22800/23040. Bears will get active below 22340 for a move back to 22110/21870.23040 done and reacted from that but bulls held on to range of 22500 as we discussed. Now Bulls need to move above 22666 for a move back to 22800/23000. Bears will get active below 22500 for a move back to 22340/22110/21870.

  • Bank Nifty July Future Open Interest Volume is at 14.6 lakh with addition of 0.94 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @21720 closed above it.
  • 23000 CE is having highest OI @10 Lakh resistance at 23000 followed 23500.21000-23000 CE added 24 Lakh in OI so bears added position in the zone of 22500-23000.
  • 22000 PE is having highest OI @18 Lakh, strong support at 22300 followed by 22000.20000-23000 PE added 14 Lakh OI so bulls making support in the range of 21800-22000.

Buy Above 22666 Tgt 22790,22893 and 23040 (Bank Nifty Spot Levels)

Sell Below 22500  Tgt 22370,22150 and  22000  (Bank Nifty Spot Levels)

Upper End of Expiry: 22893

Lower End of Expiry : 22276

Category: Bank NIfty Weekly Expiry

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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