Bank Nifty Analysis as Mercury at Perihelion

By | August 7, 2020 9:08 am
  • As discussed in last analysis We have RBI Policy tommrow combined with Mercury at Perihelion suggesting trending move will be seen in next 2 trading days.Bulls need to move above 21640 for a move back to 21870/22110. Bears will get active below 21400 for a move back to 21170/20940. 21870 done and we formed a perfect Doj on Astro date suggesting break of high and low of 07 Aug will give 600 points move in bank nifty.Bank NIfty Bulls need to move above 21650 for a move towards 21871/22000. Bears will get active below 21500 for a move back to 21350/21100.

  • Bank Nifty Aug Future Open Interest Volume is at 12.8 lakh with addition of 0.04 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @22013 closed below it.
  • 22000 CE is having highest OI @5Lakh resistance at 22000 followed 22300.21000-23000 CE added 9.4 Lakh in OI so bears added position in the zone of 22000-22500.
  • 20000 PE is having highest OI @6 Lakh, strong support at 20000 followed by 19800.20000-22000 PE added 1.9 Lakh OI so bulls making support in the range of 20000-20300.

Buy Above 21650 Tgt 21743,21870 and 21970 (Bank Nifty Spot Levels)

Sell Below 21500 Tgt 21370,21250 and 21100 (Bank Nifty Spot Levels)

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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