Bank Nifty Analysis for 08 June

By | June 6, 2020 8:03 am
  • As discussed in last analysis .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. All Bullish target done above 20525.Till Bulls are above 21000 can rally towards 21500/21970. Bears will have there chance below 20950 for a move back to 20811/20600.

  • Bank Nifty May Future Open Interest Volume is at 14.7  lakh with addition of 1.2 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @18001 closed above it
  • 21500 CE is having highest OI @8 Lakh resistance at 21500 followed 22000.19000-22000 CE added 4.9 Lakh in OI so bears added position in the zone of 21000-21500.
  • 20000 PE is having highest OI @6 Lakh, strong support at 20000 followed by 19800.19000-21000 PE added 4 Lakh OI so bulls making support in the range of 20300-20500.

Buy Above 21350 Tgt 21500,21666 and 21900 (Bank Nifty Spot Levels)

Sell Below 20960 Tgt 20811,20600 and  20400 (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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