Bank Nifty Analysis for 22 Jul

By | July 21, 2020 9:52 pm
  • As discussed in last analysis  Bank Nifty opened with a gap up, As today is an important Astro Date break of High and low of today will guide us for 350-500 points in bank nifty. Bulls need to move above 22340 for a move back to 22570/22800. Bears will get active below 22110 for a move back to 21870/21640. Another gap up open by Bank Nifty no levels got triggered, Bulls will get active above 22800 for a move back to 23040/23280,Bears will get active below 22570 for a move back to 22340/22110. We are nearing gann angle resistance and last swing high time to be cautious during this phase of optimism

  • Bank Nifty July Future Open Interest Volume is at 15.4 lakh with addition of 0.51 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @21720 closed above it.
  • 23000 CE is having highest OI @12 Lakh resistance at 23000 followed 23300.21000-23000 CE added 14 Lakh in OI so bears added position in the zone of 21500-22000.
  • 22000 PE is having highest OI @20 Lakh, strong support at 22300 followed by 22000.20000-23000 PE added 24 Lakh OI so bulls making support in the range of 21800-22000.

Buy Above 22800 Tgt 22896,23040 and 23160 (Bank Nifty Spot Levels)

Sell Below 22720 Tgt 22632,22500 and  22368 (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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