Bank Nifty crash 1000 Points on Monthly Closing

  • As Discussed in Last Analysis So gann angle support combined with neural analysis and time analysis helped us in catching the upmove.Any close above 31600 can see upmove towards 31768/31946/32112. Bears will get active below 31260 for a move back to 31100/31001. High made was 31783 so we did our target of 31768 and we had a flash crash in bank nifty due to big selling in 3 Big Bank Stocks HDFC BANK ICICI Bank and Axis Bank, it seems some Algo trade  went wrong and due to lack of liquidity in market we saw a 1000 point fall and and V shape recovery in less than 15 Mins. Lows formed like this market mostly try to test these lows again, So till 30800 is not taken out Direction Positional Long trade should be avoided, we have high probability of touching the low of 30623 in coming 2 weeks, Also Neural analysis also suggest a fall, as discussed in below video. Bulls will get active only above 31430 for a move towards 31600/31694/31784. Bears will become active below 31251 for a move back to 31074/30798.  Why Traders Lose Discipline

  • Bank Nifty June Future Open Interest Volume is at 18.3 lakh with liquidation of 0.20 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @31540 closed below it.
  • 32000 CE is having highest OI @2.3 Lakh resistance at 31800  followed 32000.  30000-32000 CE added 0.67 Lakh in OI so bears added in the zone of 31500-31800
  • 31000 PE is having highest OI @2.3 Lakh, strong support at 31000 followed by 30800.30000-32000 PE added 0.78 Lakh OI so bulls making strong support in the range of 30500-30800.

Buy above 31400 Tgt 31500,31600 and  31784 (Bank Nifty Spot Levels)

Sell below 31250 Tgt 31125,31100 and 30900 (Bank Nifty Spot Levels)

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