Bank Nifty Analysis as Saturn goes Retrograde

By | May 24, 2021 9:30 pm
  • As Discussed in Last Analysis   As we are near both Gann Angle support and Trendline support as shown in Supply Demand Chart suggesting holding todays low we can see bounce back. Bulls need a close above 33410 for a move back to 33555/33687/33888. Bears will get active below 33270 for a move back to 33127/32920/32729. We have seen excellent move from gann angle support, We have formed a DOJI candel today at gann angle resistance. Bulls need a close above 35040 for a move back to 35260/35555/35840. Bears will get active below 34729 for a move back to 34575/34210/33960.

  • Bank Nifty April Future Open Interest Volume is at 14.6  lakh with addition of 2.1 Lakh, with decrease in Cost of Carry suggesting LONG positions were closed today. Bank nifty Rollover cost @33146 closed above it.
  • 35000 CE is having highest OI @10.8 Lakh resistance at 35000 followed 35300.34000-35000 CE added 10.6 Lakh in OI so bears added position in the zone of 34500-35000.
  • 34000 PE is having highest OI @10.2 Lakh, strong support at 34000 followed by 34500 .34000-35000 PE added 8 Lakh OI so bulls making support in the range of 34000-34500.

Buy Above 35040 Tgt 35200,35350 and 35555 (Bank Nifty Spot Levels)

Sell Below 34870 Tgt 34729, 34575 and 34212 (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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