Nifty Bank EOD Analysis for 17 July

As discussed in last analysis Bank Nifty opened with a gap up and did 1 target on upside but unable to hold gain and gave it all during the closing hours and formed a Double bottom.Bears will get active below 21170 for a move back to 20940/20720/20500. Bulls will get active above 21420 for a move back to 21748/21900/22195. Bears got whipsawed below 21170, Bulls got active 21640 for a move back to 21870/22110. Bears will get active below 21400 for a move back to 21170/20940.

Intraday time for reversal can be at 9:28/11:06/12:16/2:30 How to Find and Trade Intraday Reversal Times

Bank Nifty July Future Open Interest Volume is at 15 lakh with liquidation of 0.88 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @21720 closed below it.

22000 CE is having highest OI @5 Lakh resistance at 22000 followed 22500.20000-23000 CE added 4 Lakh in OI so bears added position in the zone of 21500-22000.

21000 PE is having highest OI @4 Lakh, strong support at 21000 followed by 21200.20000-23000 PE added 14 Lakh OI so bulls making support in the range of 21800-22000.

Bank Nifty Futures Trend Deciding level is 21316 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 21889 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . ;