Bank Nifty Rallies as Mercury goes Retrograde

By | June 1, 2021 12:00 am
  • As Discussed in Last Analysis Today we have  Mercury – Venus Declination and Tommrow Mercury goes retrograde so strong trending move will be seen in next 2 trading sessions.We got the big trending move as expected and formed outside bar pattern today and we closed above important gann level of 35500, Bulls need to move above 35600 for the move to contiue towards 35800/36000/36400 . Bears will get active below 35343 for a move back to 35100/32920/32817

  • Bank Nifty June  Future Open Interest Volume is at 17.2  lakh with liquidation of 0.21  Lakh, with increase in Cost of Carry suggesting LONG positions were added today. Bank nifty Rollover cost @34885 closed above it.
  • 36500 CE is having highest OI @19.8 Lakh resistance at 36000 followed 36500.35000-36000 CE added 12.6 Lakh in OI so bears added position in the zone of 34500-35000.
  • 34000 PE is having highest OI @18.3 Lakh, strong support at 34500 followed by 34000 .34000-35000 PE added 16 Lakh OI so bulls making support in the range of 34000-34500.

Buy Above 35610 Tgt 35729,35864 and 36001 (Bank Nifty Spot Levels)

Sell Below 35424 Tgt 35347, 35257 and 35109 (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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