Bank Nifty Analysis for 23-Dec

By | December 22, 2022 9:54 pm

As discussed in Last Analysis

Plan worked perfectly Bank Nifty opened gap up broke 15 mins high and there was no looking back, For Swing traders its been diffcult days but if market gives money it has to take some also.As trader we cannot be prisoners of our own view, we need to change as price action changes and follow rules. Fall has been brutal in bank nifty and we are approaching 41840 important zone of support. Every year around  20-21  Dec We see this kind of fall. On Upside 42741-42865 is important supply zone.

Bayer Rule 31: The trend changes when Venus in declination reached an extreme beyond 23 degrees 26 minutes 51 seconds and we have New Moon also. we are approaching 41840 important zone of support  as per below  gann chart from where we can see a small bounce. 




Bulls need to move above 42779 for a move towards 42988/43197/43405. Bears will get active below 42570 for a move towards 42361/42152/41943. —All Bearish target done. Now for tommrow Bears need to break 42311 for a move towards 42104/41897. BUlls above 42519 for a move towards 42726/42933.

Intraday time for reversal can be at 9:44/10:26/11:20/12:26/1:31/2:51 How to Find and Trade Intraday Reversal Times

Bank Nifty Dec Future Open Interest Volume is at 22.6 lakh with liquidation of 1 Lakh contract , with decrease in Cost of Carry suggesting Short positions were closed today.

Bank Nifty Rollover cost @42828 and Rollover % @81.3 Closed below it,

Till Bank Nifty is below 42799 on closing basis  Bears will have upper hand.


Bank Nifty as per musical octave trading path can be  41967-43216-44464  take the side and ride the move !! Corrected from Musical Octave

Maximum Call open interest of 45 lakh contracts was seen at 43000 strike, which will act as a crucial resistance level and Maximum PUT open interest of 50 lakh contracts was seen at 42000 strike, which will act as a crucial Support level.

MAX Pain is at 42000 and PCR @0.75 . Markets tend be range-bound when PCR OI (Open Interest) ranges between 0.90 and 1.05. 

In leveraged trades, it is how you manage risk that eventually decides if you hang on to your profits or proceed to lose it all.

For Positional Traders Trend Change Level is 43456 on Futures 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 42577 will act as a Intraday Trend Change Level.

Intraday Trading Levels

Buy Above 42466 Tgt 42582, 42729 and 42900 (Bank Nifty Spot Levels)

Sell Below 42230 Tgt 42115, 42000 and 41840 (Bank Nifty Spot Levels)

As always I wish you maximum health and trading success

Category: Bank Nifty Bank Nifty Astrology

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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