NIFTY BANK Daily Technical Analysis

By | October 26, 2021 7:32 pm

As discussed in Last Analysis   Low  made was 40508 and we got the big move as per expectation based on our Astro analysis now till bulls are holding 41000-41020 range as today was both gann and astro date rally can get extended towards 42875/43009 in short term. Bears will have chance below 40999 for a move towards 40804/40603/40401. Bulls will get active above 41209 for a move towards 41413/41616. Bears were able to do 1 target on downside and bulls were able to close above 41209 for upmove to continue towards 41413/41616/41800. Bears will get active below 40999 for a move towards 40804/40603/40401

  • Bank Nifty Nov Future Open Interest Volume is at 5.9 lakh with addition of 2 Lakh contract , with increase in Cost of Carry suggesting  LONG positions were closed today.
  • Axis and Bajaj Finance came with good set of results We may be in for some trending environment. Do not be in a hurry to go SHORT . It is always the minority which wins in the markets. So, be open for possibilities. Bank NIfty can be in for outperformance.
  • MAX Pain is at 41000 PCR at 0.98. Max Pain Level is rising every day which means Bulls are in Control.
  • The Option Table data indicates decent support at 40500 and reasonable resistance at 42000
  • For Positional Traders Stay long till we are holding Trend Change Level 40897  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 41172 will act as a Intraday Trend Change Level. 

Buy Above 41300 Tgt 41460, 41666 and 41800 (Bank Nifty Spot Levels)

Sell Below 41098 Tgt 40922, 40804 and 40666 (Bank Nifty Spot Levels)

As always I wish you maximum health and trading success

Category: Bank Nifty Technical Analysis

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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