Bank Nifty Analysis Post Corporate Tax Cut Announcement

By | September 22, 2019
  • We got the big move as which was beyond expectation Lethal combo of Gann Angle support with Astro date.Most of traders were caught offgaurd. Windfall profit for few traders and many traders busted there account. This is part and parcel of trading and that’s what make this profession so exciting. Bulls now need to move above 29160  for a move back to 29430/29710/29791. Any close above 29160 can see quick move towards 29791. Bears have there chance below 28800 for a move back towards 28656/28512/28376.

  • Bank Nifty Sep Future Open Interest Volume is at 13.2 lakh with liquidation of 1.7 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @27807 closed above it.
  • 30000 CE is having highest OI @5.9 Lakh resistance at 29500  followed 30000. 27000-30000 CE added 15 Lakh in OI so bears added position in the zone of 29500-30000.
  • 28500 PE is having highest OI @5 Lakh, strong support at 28500 followed by 28000.28000-30000 PE added 113 K Lakh OI so bulls making support in the range of 28500-28800.

Buy above 29088 Tgt 29232,29376 and  29520  (Bank Nifty Spot Levels)

Sell below 28800 Tgt 28656,28512 and 28368  (Bank Nifty Spot Levels)

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