Bank Nifty Trades at Life High before ICICI Bank Results

By | October 23, 2021 1:52 pm

As discussed in Last Analysis  Bulls held on to 39300 and above 39690 and did all target on upside. Now Bulls need to move above 40100 for a move towards 40344/40658. Bears need a close below 39800 for a move back to 39572/39150. Bank Nifty outperformance with Nifty continued as Bank Nifty is trading at life highs NIfty saw a correction of 800 points. Plannet Jupiter has saved bank nifty, with ICICI results coming today Bank Nifty is at crucial juncture. Till 39500 is held bank nifty can rally towards 42875. Swing Traders need a close above 40401 for a move towards 40603/40804/41007. Bears wil get active below 40000 for a move back to 39801/39601

  • Bank Nifty Oct Future Open Interest Volume is at 14   lakh with liquidation of 0.80 Lakh contract , with decrease in Cost of Carry suggesting  LONG positions were closed today.
  • Today we have 2 important astro event 1. Sun going INgress 2. Bayer Rule 27: Big tops and big major bottoms are when Mercury’s speed in Geocentric longitude is 59 minutes or 1 degree 58 minutes. will also get activated so another big move will be seen in Bank Nifty
  • MAX Pain is at 40000 PCR at 0.94.
  • The Option Table data indicates decent support at 39500 and reasonable resistance at 40500.
  • For Positional Traders Stay long till we are holding Trend Change Level 39869 and stay short below it. That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 40362  will act as a Intraday Trend Change Level. 

Buy Above 40450 Tgt 40551, 40652  and 40752 (Bank Nifty Spot Levels)

Sell Below 40249 Tgt 40149, 40001 and 39860 (Bank Nifty Spot Levels)

As always I wish you maximum health and trading success

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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