Bank Nifty Corrects on Sun Ingress Date

By | May 21, 2019
  • As Discussed in Last Analysis  Neural Analysis combined with Price and Time is a lethal combo and bulls need to hold the range of 30650-30700 for this uptrend to continue towards 31080/31360/31640. Bears will get active below 30500 for a move back to 30260/29990. Bank Nifty Bulls got stopped out , Lever Mentioned on Twitter worked perfectly. Bears got active below 30500 and did our 1 target of 30360 Low made was 30265 near gann angle, Now Bulls need to move above 30500 for a move towards 30700/31000/31333.

  • Bank Nifty May Future Open Interest Volume is at 14.4 lakh with liquidation of 0.71 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @29964 closed above it.
  • 31000 CE is having highest OI @3.2 Lakh resistance at 31000  followed 31500.  28000-31000 CE liquidated 0.05 Lakh in OI so bears covered in the zone of 29500-30500
  • 30000 PE is having highest OI @2.7 Lakh, strong support at 30000 followed by 29500.29000-31000 PE added 2.2 Lakh OI so bulls making strong support in the range of 29800-30000.

Buy above 30376 Tgt 30500,30720 and  30900  (Bank Nifty Spot Levels)

Sell below 30265 Tgt 30100,29900 and 29840 (Bank Nifty Spot Levels)

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