Bank Nifty Analysis as Govt announces PSU Merger

  • As Discussed in Last Analysis  Bears will get active below 27225 for a move back to 27000/26700. Bulls will get active above 27421 for a move back to 27581/27836/28000. We have monthly closing tomorrow bulls would like to close in range of 27561-27600.  27581 done and we recovered from 27121. Now Bulls need to close above 27451 for the up move towards 27617/27783/28000. Bears need to break 27330 for the down move towards 27200/27000/26900. 03 Sep is important time cycle date.

  • Bank Nifty Sep Future Open Interest Volume is at 14.5 lakh with liquidation of 0.59 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @27807 closed below it.
  • 28000 CE is having highest OI @2.4 Lakh resistance at 28000  followed 28300. 27000-30000 CE added 11.5 Lakh in OI so bears added position in the zone of 28000-28300.
  • 27000 PE is having highest OI @2.65 Lakh, strong support at 27300 followed by 27000.27000-29000 PE added 0.34 Lakh OI so bulls making support in the range of 27500-27300.

Buy above 27421 Tgt 27555,27666 and  27777 (Bank Nifty Spot Levels)

Sell below 27370 Tgt 27180,27100 and 26950 (Bank Nifty Spot Levels)