Bank Nifty Rallies on CHIRON Ingress

  • As discussed in Last Analysis   We have very important Time cycle date tomorrow as CHIRON is going ingress happens 3 times in a year lead to good move in Index, Bank Nifty Bulls need close above 31711 for a move towards 31796/31970/32064. Bears will become active below 31525 for a move back to 31352/31200/31050. Low made was 31770 and bulls were able to do all target on upside so we saw effect of CHIRON Ingress. Now Bulls need a close above 32041 for a move towards 32217/32396/32487. Bears have there chance below 31950 for a move back to 31800/31710/31621/31532.

  • Bank Nifty Dec Future Open Interest Volume is at 12.9  lakh with liquidation of 1 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @31829 closed above it.
  • 32500 CE is having highest OI @4.1 Lakh resistance at 32300  followed 32500.30000-32000 CE added 5.9 Lakh in OI so bears added position in the zone of 32300-32500.
  • 31500 PE is having highest OI @3.8 Lakh, strong support at 31500 followed by 31300.30000-32000 PE added 13 Lakh OI so bulls making support in the range of 31300-31500.

Buy above 32041 Tgt 32150,32297 and  32490 (Bank Nifty Spot Levels)

Sell below 31925 Tgt 31820,31640 and 31500 (Bank Nifty Spot Levels)

Leave a Reply