Ideas and Forecast on NIFTY BANK for 16 June

By | June 15, 2020 7:41 pm
  • As discussed in last analysis Levels shared on twitter helped in capturing the big move happened today. Now Bulls need to move above 20736 for a move back to 21025/21316. Bears will get active below 20450 for a move towards 20200/20025.High made was 20470 once 20450 was broken all bearish target done. Now bull need to close above 20050 for a move back to 20260/20490/20720. Bears will get active below 19680 for a move back to 19500/19360/19140.We have seen the impact of a bearish aspect as discussed in below video.

  • Bank Nifty May Future Open Interest Volume is at 17.9  lakh with liquidation of 0.51 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @18001 closed above it
  • 21000 CE is having highest OI @8 Lakh resistance at 20500 followed 21000.19000-22000 CE added 18 Lakh in OI so bears added position in the zone of 21000-21500.
  • 19000 PE is having highest OI @9.3 Lakh, strong support at 19500 followed by 19000.19000-21000 PE added 14 Lakh OI so bulls making support in the range of 19000-19500.

Buy Above 19980 Tgt 20105,20300 and 20449 (Bank Nifty Spot Levels)

Sell Below 19740 Tgt 19600,19449 and  19310 (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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