Bank Nifty Rallies but will it close above 31800 ?

By | June 4, 2019 8:51 am
  • As Discussed in Last Analysis Lows formed like this market mostly try to test these lows again, So till 31800 is not taken out Direction Positional Long trade should be avoided, we have high probability of touching the low of 30623 in coming 2 weeks, Also Neural analysis also suggest a fall, as discussed in below video. Bulls will get active only above 31430 for a move towards 31600/31694/31784. Bears will become active below 31251 for a move back to 31074/30798. Bank Nifty did almost 2 target on upside but in yesterday rally failed to close above 31800. Positional Long should be taken above 31800 only else this rally will get sold into. Bulls will get active only above 31800 for a move towards 32000/32250/32500. Bears will become active below 31400 for a move back to 31284/31100/30900. Today is an important time cycle date Why Traders Lose Discipline

  • Bank Nifty June Future Open Interest Volume is at 19.9 lakh with addition of 1.67 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @31540 closed below it.
  • 32000 CE is having highest OI @2.3 Lakh resistance at 31800  followed 32000.  30000-32000 CE added 0.67 Lakh in OI so bears added in the zone of 31500-31800
  • 31000 PE is having highest OI @2.3 Lakh, strong support at 31000 followed by 30800.30000-32000 PE added 0.78 Lakh OI so bulls making strong support in the range of 30500-30800.

Buy above 31700 Tgt 31784,31888 and  32000 (Bank Nifty Spot Levels)

Sell below 31549 Tgt 31461,31372 and 31284 (Bank Nifty Spot Levels)

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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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