Bank Nifty crashes on mercury Ingress date

By | July 20, 2019
  • As Discussed in Last Analysis Bears were able to do 2 target on downside and we are back to gann angle support zone as in below chart. Any break of 30333 can see fast move towards 30100.Above 30525 bulls can rally back to 30650/30800.All Bearish target done,Now bulls need to hold 29450-29520 range where the Election gap will get filled for the upmove towards 29808/29952/30096. Bears will get active below 29447 for a move back to 29361/29275/29190/29104.

  • Bank Nifty July Future Open Interest Volume is at 14.6 lakh with liquidation of 2 Lakh, with increase in Cost of Carry suggesting short  positions were closed today. Bank nifty Rollover cost @31207 closed below.
  • 30500 CE is having highest OI @7.8 Lakh resistance at 30500  followed 31000. 30000-32000 CE added 25 Lakh in OI so bears added position in the zone of 30000-30500.
  • 29500 PE is having highest OI @4.2 Lakh, strong support at 29500 followed by 29300.30000-32000 PE added 5 Lakh OI so bulls making strong support in the range of 29500-29300.

Buy above 29791 Tgt 29877,29964 and  30050  (Bank Nifty Spot Levels)

Sell below 29618 Tgt 29532 ,29447 and 29361  (Bank Nifty Spot Levels)

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