Bank Nifty see waterfall decline due to Mercury Ingress

By | May 7, 2019 11:16 pm
  • As Discussed in Last Analysis Bulls will get active above 29760 for a move towards 29872/29959/30045. Bears will get active below 29500 for a move towards 29356/29270/29185. Bulls got whipsawed bears got active below 29500 and did 2 target on downside as Mercury Ingress showed its effect. Now fall can extend towards 29000-28900 range where strong support lies.  How Comfortable you are with your trading ?

  • Bank Nifty May Future Open Interest Volume is at 18 lakh with addition of 1 Lakh, with decrease in Cost of Carry suggesting short  positions were added today. Bank nifty Rollover cost @29964 closed below it.
  • 30500 CE is having highest OI @3 Lakh resistance at 29500 followed 29800.  29000-31000 CE added 0.56 Lakh in OI so bears added in the zone of 29500-29800
  • 29000 PE is having highest OI @3.7 Lakh, strong support at 29000 followed by 28800.29000-31000 PE added 0.54 Lakh OI so bulls making strong support in the range of 28900-29200.

Buy above 29360 Tgt 29440,29530 and  29666 (Bank Nifty Spot Levels)

Sell below 29230 Tgt 29150,29000 and 28929 (Bank Nifty Spot Levels)

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Category: astro bank nifty technicals

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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