Bank Nifty Monthly closing Analysis

By | September 28, 2019 12:45 pm
  • As Discussed in Last Analysis   Bulls now need a close above 30096 for a move back to 30240/20384/30528. Bears will get active below 29952 for a move back to 29808/29664/29520. It was a volatile day and bank nifty formed an inside bar candle, We can see a bg move in bank nifty as we have monthly closing and time cycle date of bank nifty suggesting we should see a good move in bank nifty. Bulls now need a close above 29970 for a move back to 30143/30300/30528. Bears will get active below 29700 for a move back to 29538/29367.

  • Bank Nifty Oct Future Open Interest Volume is at 9.6  lakh with addition of 0.78 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @30213  closed below it.
  • 30500 CE is having highest OI @2.2 Lakh resistance at 30500 followed 30000.30000-31000 CE added 1.5 Lakh in OI so bears added position in the zone of 29800-30000.
  • 29500 PE is having highest OI @4.2 Lakh, strong support at 29500  followed by 29300.29000-31000 PE added 1.6 Lakh OI so bulls making support in the range of 29400-29500.

Buy above 29900 Tgt 30089,30232 and  30319 (Bank Nifty Spot Levels)

Sell below 29800 Tgt 29700,29610 and 29500 (Bank Nifty Spot Levels)

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Category: Daily

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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