Bank Nifty ready for a Big Move,EOD Analysis

By | May 7, 2020 8:27 pm
  • As discussed in last analysis  Bulls need to move above 19810 for a move towards 20000/20225. Bears need to break 19370 for move to continue towards 19154/19000/18769.Bank Nifty has formed Inside Bar/NR7 and also astro date effect should be seen in next 2 days, so we should be ready for a big move. Bulls need to move above 19600 for a move towards 19800/20150. Bears need to break 19320  for move to continue towards 19044/18769.

  • Bank Nifty May Future Open Interest Volume is at 13  lakh with liquidation of 1.67 Lakh, with decrease in Cost of Carry suggesting shorts positions were clsoed today. Bank nifty Rollover cost @20762 closed below it
  • 20000 CE is having highest OI @3 Lakh resistance at 20000 followed 20300.19000-22000 CE added 4 Lakh in OI so bears added position in the zone of 20000-21500.
  • 19000 PE is having highest OI @2.9 Lakh, strong support at 19000 followed by 188000.19000-20000 PE added 2 Lakh OI so bulls making support in the range of 19000-18800.

Buy Above 19545 Tgt 19683,19920 and 20150 (Bank Nifty Spot Levels)

Sell Below 19400 Tgt 19296,19100 and  18920 (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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