Nifty Bank Aug Expiry Analysis

  • As Discussed in Last Analysis; 28 Aug is an important time cycle date, Bulls need to move above 28150 for a move towards 28282/28400/28600. Bears will get active below 27950 for a move back to 27800/27650. 28095 was the high today, and once 27950 was broken bears hit 27650 on the downside, Now Bears need to break 27717 for a downwards move to continue towards 27550/27300. Bulls will get active above 27900 for a move back to 28051/28225. A break of today’s high and low can easily give 300-500 points.

  • Nifty Bank Aug Future Open Interest Volume is at 14.5 lakh with the addition of 1 Lakh, with an increase in the Cost of Carry, suggesting short positions were added today. Nifty Bank Rollover cost is @29286 and closed below it.
  • 28300 CE is having a highest OI @7.6 Lakh, resistance at 28300, followed by 28500. 27000-30000 CE added 13 Lakh in OI so bears added positions in the zone of 28100-28300.
  • 27500 PE is having a highest OI @9 Lakh, strong support at 27500, followed by 27300. 27000-29000 PE liquidated 10 Lakh OI, so bulls are creating support in the range of 27500-27300. A break of 27500 can see a fast downmove.

Buy above 27883 Tgt 27967,28051 and  28200  (Nifty Bank Spot Levels)

Sell below 27717 Tgt 27634,27550 and 27400 (Nifty Bank Spot Levels)

Upper End of Expiry: 28049

Lower End of Expiry: 27555