Bank Nifty Forms DOJI on Time Cycle Date

By | May 9, 2019
  • As Discussed in Last Analysis Tomorrow is important astro date , If we do not break 28900 which is a gann cycle number we can see the relief rally. Bulls will get active above 29076 for a move back to 29225/29376. Bears will get active below 28860 for a move back to 28666/28485. High made today was 29040 so bulls unable to break 29076 and Bears did break 28860 but unable to do our target on downside and we formed a perfect DOJI there demand zone of 28900 and gann angle support as shown in below chart Also tomorrow being an important astro date  we can see trend reversal in Bank nifty if we hold today low of 28784. Bulls can rally towards 29030/29125/ 29261. Bears will get active below 28760 for a move back to 28666/28600/28500. THE MOST NEGLECTED TRADING DISCIPLINE

  • Bank Nifty May Future Open Interest Volume is at 17.3 lakh with liquidation of 0.88 Lakh, with decrease in Cost of Carry suggesting short  positions were closed today. Bank nifty Rollover cost @29964 closed below it.
  • 30000 CE is having highest OI @3 Lakh resistance at 29200 followed 29500.  28000-31000 CE added 0.67 Lakh in OI so bears added in the zone of 29300-29500
  • 28500 PE is having highest OI @2 Lakh, strong support at 28500 followed by 28300.29000-31000 PE added 0.54 Lakh OI so bulls making strong support in the range of 28300-28500.

Buy above 28955 Tgt 29030,29120 and  29210 (Bank Nifty Spot Levels)

Sell below 28870 Tgt 28784,28700 and 28615 (Bank Nifty Spot Levels)

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