Bank Nifty Analysis after Maharashtra Political Drama

By | November 23, 2019 10:20 am
  • As discussed in Last Analysis  As Mercury Turns Direct today so we should see good move in Bank Nifty in next 2 days,Fresh Long should be taken above 31575 for a move back to 31783. Bears will get active below 30200 for a move back to 31077/30950. We got the expected move below 30200 and we did 1 target of 31077 so astro combined with price is a lethal combo. Now Bull need to move above 31225 to be back in game for a move back to 31400/31551/31800. Bears will get active below 31000 for a move back to 30848/30640.

  • Bank Nifty Nov Future Open Interest Volume is at 16.4 lakh with liquidation of 1.49 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @29919  closed above it.
  • 31500 CE is having highest OI @4 Lakh resistance at 31500  followed 31800.30000-32000 CE added 8 Lakh in OI so bears added position in the zone of 31500-31700.
  • 30500 PE is having highest OI @4.2 Lakh, strong support at 30800 followed by 30500.30000-32000 PE added 2 Lakh OI so bulls making support in the range of 30800-31000.

Buy above 31200 Tgt 31312,31400 and  31525 (Bank Nifty Spot Levels)

Sell below 31000 Tgt 30920,30848 and 30650  (Bank Nifty Spot Levels)

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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