Bank Nifty Chart Analysis before Election Results

  • As discussed in Last Analysis As per gann angle chart give below bank nifty is at crucial juncture and a move of 500-800 points is on cards, so traders should look for breakdown below 20400 and breakout above 20750. Bank Nifty made todays low near the gann support line as shown in below chart, Holding the same we can see bounce back till 21000/21100 as we are also forming a SHARK pattern. Bearish below 20400 for a move towards 20200/20000. Exit Polls results will be declared 5:30 PM Tomorrow. 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.  Trading vs Gambling – The Balance

  • Bank Nifty March Future Open Interest Volume is at 22.3 lakh with liquidation of 1.27 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @20877, closed below it.
  • 21000 CE is having highest OI @5.5 Lakh resistance at 21000 followed by 21500. 21000-22000 CE saw addition of .27 lakh in OI.
  • 20000 PE is having highest OI @6 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 20800 Tgt 20870,20960 and 21050 (Bank Nifty Spot Levels)

Sell below 20670 Tgt 20620,20530 and 20450 (Bank Nifty Spot Levels)

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