Nifty Bank Forms NR7 Pattern

  • Nifty Bank has formed an NR7 pattern today suggesting a range expansion around the corner, added with time cycle. Nifty Bank Bulls will get active above 28270 for a move back to 28450/28666/28900. Bears will get active below 28140 for a move back to 28100/27920/27800.

  • Nifty Bank Aug Future Open Interest Volume is at 14.9 lakh, with a liquidation of 1 Lakh, with a decrease in the Cost of Carry suggesting long positions were closed today. Nifty Bank Rollover cost is @29286 and closed below it.
  • 29000 CE is having highest OI @5 Lakh resistance at 28500 followed by 29000. 27000-30000 CE added 1.1 Lakh in OI, so bears added positions in the zone of 28000-28500.
  • 27500 PE is having a highest OI @3.6 Lakh, strong support at 28000 followed by 27500. 27000-29000 PE added 0.86 Lakh OI, so bulls are creating strong support in the range of 27300-27500.

Buy above 28225 Tgt 28350,28468 and  28600  (Nifty Bank Spot Levels)

Sell below 28150 Tgt 28065,27950 and 27800  (Nifty Bank Spot Levels)