Bank Nifty Crashes 1000 points on Break of Mercury Elongation Low

By | July 27, 2020 8:09 pm
  • As discussed in last analysis  Bank Nifty formed a Inside Bar Pattern, Waiting for 22 Jul High and low to be broken being a Mercury Elongation day for 500-800 points move in bank nifty. Bulls need to move above  23100 for a move back to 23280/23530/23780. Bears will get active below 22800 for a move back to 22570/22340. Bank Nifty broke the Mercury Elongation low of 22 July 22658 and as discussed we got the 500-800 points move low made was 22801, so Astro Rocked again. Now Bulls need to move above 22110 for a move back to 22340 and  22570. Bears will get active below 21800 for a move back to 21400/21100/20940.

  • Bank Nifty Aug Future Open Interest Volume is at 4.9 lakh with addition of 1.2 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @21720 closed above it.
  • 23000 CE is having highest OI @16 Lakh resistance at 22500 followed 23000.21000-23000 CE added 14 Lakh in OI so bears added position in the zone of 21500-22000.
  • 21500 PE is having highest OI @22 Lakh, strong support at 21500 followed by 21000.21000-23000 PE added 22 Lakh OI so bulls making support in the range of 21800-22000.

Buy Above 22000 Tgt 22106,22235  and 22340 (Bank Nifty Spot Levels)

Sell Below 21800 Tgt 21640,21500 and 21350 (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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