Bank Nifty Analysis as “New” Mercury Cycle Starts

By | May 5, 2020 8:31 am
  • As discussed in last analysis  We will open with gap down on Monday Bulls need to hold 20293-20310 zone for rally back to 20700/21000. Bears will get active below 20200 for a move back to 19800/19653/19400.2 Bearish target done below 20200 and low made was 19643 near our 2 target of 19653. 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.

  • Bank Nifty May Future Open Interest Volume is at 12.8  lakh with addition of 3 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @20762 closed below it
  • 21000 CE is having highest OI @4.3 Lakh resistance at 21000 followed 21500.19000-22000 CE added 2 Lakh in OI so bears added position in the zone of 20500-21500.
  • 19500 PE is having highest OI @4 Lakh, strong support at 19500 followed by 193000.19000-21000 PE added 12 Lakh OI so bulls making support in the range of 19500-19300.

Buy Above 19975 Tgt 20087,20300 and 20530 (Bank Nifty Spot Levels)

Sell Below 19850 Tgt 19740,19610 and  19420 (Bank Nifty Spot Levels)

Category: Bank Nifty Astrology

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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