Bank Nifty ready for another Price time Squaring

By | May 18, 2021 8:54 pm
  • As Discussed in Last Analysis  We saw the impact of Jupiter Astro Cycle  and Gann 13 Year cycle impact ,Outperformance done by Bank Nifty today with rally of around 1300 points and bullish target done as shared on twitter. Now Bulls need to move above 33525 for a move back to 33666/33871/34000. Bears will get active below 33270 for  a move back to 33100/32888/32666. Bank Nifty opened with a gap up formed DOJI, Now we are at a crucial juncture and can see potential price time squaring tommrow based on Gann if we do another close below 34057. Bulls need a close above 34057 for a move back to 34343/34545/34729. Bears will get active below 33720 for a move back to 33520/33308/33040

  • Bank Nifty April Future Open Interest Volume is at 16.4  lakh with liquidation of 0.90 Lakh, with increase in Cost of Carry suggesting LONG positions were closed today. Bank nifty Rollover cost @33146 closed above it.
  • 34500 CE is having highest OI @12.1 Lakh resistance at 34500 followed 35000.34000-35000 CE added 14.6 Lakh in OI so bears added position in the zone of 34500-35000.
  • 33000 PE is having highest OI @15.2 Lakh, strong support at 33000 followed by 32500 .32000-33000 PE added 17 Lakh OI so bulls making support in the range of 32000-33000.

Buy Above 33950 Tgt 34130,34300 and 34545 (Bank Nifty Spot Levels)

Sell Below 33843 Tgt 33729, 33555 and 33333 (Bank Nifty Spot Levels)

Category: Squaring of Space

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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