Bank Nifty Analysis for 31 Aug

By | August 29, 2020 10:44 pm
  • As discussed in last analysis Now Bulls need to hold range of 23367-23380 range for upmove to continue towards 23547/23680/23800.Bears will get active below 23250 for a move back to 23040/22850. All Bullish target done, Now as Reliance and Future deal id done it will be big positve for PSU Bank as they will get the money back without haircut. Above 24649 rally can continue till 24964/25281/25560. Bears will get active below 24350 for a move back to 24100/238900.

  • Bank Nifty Sep Future Open Interest Volume is at 14.8 lakh with addition of 2.1 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @23392 closed above it.
  • 25000 CE is having highest OI @5.7 akh resistance at 25000 followed 25500.24000-26000 CE added 18 Lakh in OI so bears added position in the zone of 24500-26000
  • 23000 PE is having highest OI @6.2 Lakh, strong support at 23500 followed by 23000.23000-25000 PE added 33 Lakh OI so bulls making support in the range of 23500-24000.

Buy Above 24620 Tgt 24768,24912 and 25056 (Bank Nifty Spot Levels)

Sell Below 24380 Tgt 24244,24105 and 23880 (Bank Nifty Spot Levels)

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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