Nifty Bank forms Inside Bar

As Discussed in Last Analysis;  We saw the effect of the astro date and now we need to move above 28100 for a move back to 28225/28561/28900. Bears have the chance only below 27889 for a move back to 27556/26225. A high was made at 28066, so bulls were unable to break 28100 and bears got whipsawed below 27889. Nifty Bank has formed an Inside day candle , Nifty Bank Bulls need to move above 27940 for a move back to 28100/28189/28273. Bears will get active below 27790 for a move back to 27630/27465.

  • Nifty Bank Sep Future Open Interest Volume is at 15.1 lakh with a liquidation of 0.78 Lakh, with a decrease in the Cost of Carry suggesting long positions were closed today. Nifty Bank Rollover cost is @27807 and closed above it.
  • 29000 CE is having highest OI @3.7 Lakh resistance at 28500, followed by 29000. 27000-30000 CE added 2.52 Lakh in OI, so bears added positions in the zone of 28000-28300.
  • 28000 PE is having a highest OI @3.2 Lakh, strong support at 27800, followed by 27500. 27000-30000 PE added 0.96 Lakh OI so bulls are making support in the range of 27500-27800.

Buy above 27910  Tgt 28000,28150 and  28280 (Nifty Bank Spot Levels)

Sell below 27790 Tgt 27700,26610 and 26500 (Nifty Bank Spot Levels)