Nifty Bank Analysis as Mercury Reaches Max Elongation

By | June 5, 2020 12:07 am
  • As discussed in last analysis As per below video today High and Low will be very important for next 1000-2000 points move in bank nifty.Bank Nifty bulls need to move above 21025 for a move back to 21316/21609. Bears will get active below 20800 for a move back to 20666/20400/20100. Bulls got stopped our but bears did 2 target on downside.As today High and low is important due to Mercury at Maximum Elongation as shown in below video Break of today high and low can see move of 500-800 points. Bank Nifty bulls need to move above 20525 for a move back to 20729/21100/21141. Bears will get active below 20300 for a move back to 20090/19800/19666.

  • Bank Nifty May Future Open Interest Volume is at 13.4  lakh with liquidation of 1.3 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @18001 closed above it
  • 21500 CE is having highest OI @4 Lakh resistance at 21500 followed 22000.19000-22000 CE added 2.9 Lakh in OI so bears added position in the zone of 21000-21500.
  • 19500 PE is having highest OI @4 Lakh, strong support at 19500 followed by 20000.19000-21000 PE added 1 Lakh OI so bulls making support in the range of 20300-20500.

Buy Above 20505 Tgt 20616,20729 and 20900 (Bank Nifty Spot Levels)

Sell Below 20316 Tgt 20180,20000 and  19881 (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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