Bank Nifty EOD Analysis for 06 May

By | May 5, 2020 9:55 pm
  • As discussed in last analysis  As new mercury cycle is starting today so high and low of 04 May ie. 20530 and 19653 break of any side will 600-800 points move in bank nifty as discussed in below video. Now Bulls need a close above 19980 for a move towards 20100/20300/20530. Bears need a close below 19610 for a move back to 19400/19100. Bears were able to break 19653 and got 441 points today only. Now bears need to break 19200 for move to continue towards 19044/18915/18769. Bulls need to move above 19683 for a move towards 19925/20164. 06 May is important astro date and also neural turn date.

  • Bank Nifty May Future Open Interest Volume is at 13.8  lakh with addition of 0.95 Lakh, with increase in Cost of Carry suggesting shorts positions were closed today. Bank nifty Rollover cost @20762 closed below it
  • 20000 CE is having highest OI @5 Lakh resistance at 20000 followed 20500.19000-22000 CE added 12 Lakh in OI so bears added position in the zone of 20500-21500.
  • 19000 PE is having highest OI @2.9 Lakh, strong support at 19000 followed by 188000.19000-21000 PE added 2 Lakh OI so bulls making support in the range of 19000-18800.

Buy Above 19420 Tgt 19569,19717 and 19900 (Bank Nifty Spot Levels)

Sell Below 19200 Tgt 19044,18910 and  18769 (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.

3 thoughts on “Bank Nifty EOD Analysis for 06 May

  1. Acharya Shailesh

    श्रीहरि माँ सरस्वती की करुणा आपपे सदैव बनी रहे नमन वन्दन आचार्य शैलेश का स्वीकार करें दिव्य आत्मा!


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