BANK Nifty Analysis for 05 Jan

By | January 5, 2022 12:22 am
  • As discussed in last analysis  On 04 Jan Jupiter is moving in 01°Pi10′ Zodical Path which is generally having negative bias so we can see some profit booking. Bulls need to move above 36470 for a move towards 36657/36846/37034. Bears below 36280 for a move towards 36092/35903/35715. Low made was 36374 so bears unable to break 36280, and Bulls once above 36470 did 2 target on upside and now till we are holding 36770 rally can extend towards 37034/37214. Bears will have chance below 36630 for a move towards 36513/36187/36000. 

  • Bank Nifty Jan Future Open Interest Volume is at 21.9 lakh with liquidation of 2.34 Lakh contract , with increase in Cost of Carry suggesting  LONG positions were closed today.
  • MAX Pain is at 36500 and PCR @ 0.95. Rollover cost @35213 closed above it. 
  • The Option Table data indicates decent support at 36000 and reasonable resistance at 37000.There is total OI of 1.88 Cores on the Call side and 2.6 Cores on the Put side, So, the activity is more on the PUT side, indicating option writers are  in BULLISH zone.
  • December series had a maximum roll-overs of around 16.7 Lakh contracts in last 4 days of trading . The BNF was trading in the range between 34425-35548. Whenever, the price band is approached, expect some violent reactions. — Closed at 35628 and today gave bumper rally. 
  • We will have Weekly,Monthly,Quaterly,Yearly closing tommrow its a rare event , Bank Nifty is  up by just 12.2 % for the whole year. Bulls would like to close in range of 35295-35527 for a good begining in New Year 2022.– Closed at 35481 and today gave bumper rally. 
  • For Positional Traders Trend Change Level is 35946 on Futures and go long and short above/below it That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 36822 will act as a Intraday Trend Change Level. 

Buy Above 36900 Tgt 37027, 37214 and 37350 (Bank Nifty Spot Levels)

Sell Below 36770 Tgt 36631, 36510 and 36225 (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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