Bank Nifty heading towards 21500 after Historic Election Win

  • As discussed in Last Analysis Bank Nifty continue to make low near the gann angle and continue to move upwards, Now if we close above 20750 tomorrow we can see quick move towards 20900/21000. Bearish below 20550 for a move towards 20300/20000.  Traders having capital less than 10 lakhs should avoid trading for next 2 days ie Friday and Tuesday. Bank Nifty continue to hold its gann 1×1 angle, before the crucial election results and can head towards 21500/22000 as per gann angles next resistance as shown below.  I feel very Proud for our Indian Voters who are voting for development .Despite  No CM candidate, No Muslim Candidate in U.P with 30% Muslims and Demonetization BJP is winning 3/4 seats All rules broken by Namo How Kobe Bryant Made it to the Top

  • Bank Nifty March Future Open Interest Volume is at 21.4 lakh with liquidation of 0.93 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @20877, closed below it.
  • 21000 CE is having highest OI @6.3 Lakh resistance at 21000 followed by 21500. 20000-22000 CE saw addition of 2.5 lakh in OI.
  • 20000 PE is having highest OI @6.1 Lakh, strong support at 20500 followed by 20300, Bulls added 0.28 Lakh in OI in range of 20000-22000. No Major addition before the election results.

Buy above 21250 Tgt 21350,21500 and 21800 (Bank Nifty Spot Levels)

Sell below 21000 Tgt 20920,20800 and 20650 (Bank Nifty Spot Levels)

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