Bank Nifty continue to face resistance at 30500

By | March 29, 2019 11:28 pm
  • As Discussed in Last Analysis We have important astro event as discussed in below video, I do not want to predict what side the move will be, Historically it leads to change in trend as discussed in example below,  Long above 30500 for a move back to 30672/30816/30960. Bearish below 30290 for a move towards 30100/29969. High made was 30499 so bulls were unable to move above 30500 and bears got whipsawed below 30290. Today’s High and low will be very important break on any side can give move of 200-300 points easily, Long above 30500 for a move back to 30672/30816/30960. Bearish below 30225 for a move towards 30100/29969.

  • Bank Nifty April Future Open Interest Volume is at 20.6 lakh with liquidation of 0.15  Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @29967.
  • 30500 CE is having highest OI @3.5 Lakh resistance at 30500 followed 30800.  29000-31000 CE added 0.89 Lakh in OI so bears added  in the zone of 30500-30800
  • 29500 PE is having highest OI @2.3 Lakh, strong support at 30000 followed by 29800.29000-31000 PE added 1.1 Lakh OI so bulls making strong support in the range of 29800-30800.

Buy above 30500  Tgt 30578 ,30665 and  30810 (Bank Nifty Spot Levels)

Sell below 30376 Tgt 30290,30125 and 30000 (Bank Nifty Spot Levels)

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Category: Bank Nifty Gann Analysis

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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