Bank Nifty Crashes on Budget Day

By | February 2, 2020 7:00 am
  • As discussed in Last Analysis Bears closed below 30835 low of 29 and now heading towards 30666/30540/30300. Bulls have chance above 31050 for a move back to 31225/31400/31666. High made was 31918 so bulls unable to move above 31050 and bears once below 30835 Gann Time Cycle Date low as discussed in below video we did all target on downside. Now Bulls need to protect 29586 level for any rally to come else we can see fall till 29300/29000/28829.

  • Bank Nifty Jan Future Open Interest Volume is at 14 lakh with addition of 3.5 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @30990 closed below it.
  • 30500 CE is having highest OI @4.6 Lakh resistance at 30500  followed 30800.29000-31000 CE added 21 Lakh in OI so bears added position in the zone of 30000-30300.
  • 29500 PE is having highest OI @3.2 Lakh, strong support at 29500 followed by 29000.29000-31000 PE added 4.6 Lakh OI so bulls making support in the range of 29300-29500.

Buy above 30000 Tgt 30160,30300 and  30500 (Bank Nifty Spot Levels)

Sell below 29750 Tgt 29645,29490 and 29300 (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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