Ideas and Forecast on NIFTY BANK for 10 June

By | June 9, 2020 7:52 pm
  • As discussed in last analysisNow Bulls need to move above 21316 for a move back to 21609/21904. Bears will get active below 21000 for a move back to 20736/20449. 20400-20320 is range for Astro date so break of these levels can only see big fall in bank nifty. Bulls got whipsawed above 21316 and bears did 1 target below 21000 and now waiting for next target of 20449. Bears need to break 20400-20320 astro range for further fall towards 20164/19881/19600.Bulls now need to move above 20980 for a move back to 21100/21300/21500.

  • Bank Nifty May Future Open Interest Volume is at 16.7  lakh with addition of 1.42 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @18001 closed above it
  • 21500 CE is having highest OI @4.7 Lakh resistance at 21500 followed 22000.19000-22000 CE added 8.8 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 14 Lakh OI so bulls making support in the range of 20300-20500.

Buy Above 20850 Tgt 20974,21100 and 21300 (Bank Nifty Spot Levels)

Sell Below 20666 Tgt 20500,20380 and  20150 (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.

Leave a Reply