Bank Nifty crashed below Mercury Ingress Low

  • As discussed in Last Analysis  Bank Nifty broke the low of 31666 and did 31550 now waiting for 31400/31275/31100. Bulls will get active above 31800 for a move back to 31979/32158. Bank Nifty Opened with gap up and once below 31666 Mercury Ingress low did all our target on downside.Astro Helps in giving the direction and combined with price give a lethal combo for trading. Now Bears need to break 31000-30976 range for further downside towards 30816/30672/30528. Bulls will get active only above 31350 for a move back to 31500/31650.

  • Bank Nifty Jan Future Open Interest Volume is at 14.1 lakh with addition of 2 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @32425 closed below it.
  • 31500 CE is having highest OI @7.4 Lakh resistance at 31500  followed 31800.31000-33000 CE added 27 Lakh in OI so bears added position in the zone of 31500-31800.
  • 31000 PE is having highest OI @5.3 Lakh, strong support at 31000 followed by 30700.30000-32000 PE added 5 Lakh OI so bulls making support in the range of 30800-31000.

Buy above 31220 Tgt 31351,31487 and  31610 (Bank Nifty Spot Levels)

Sell below 30976 Tgt 30888,30779 and 30666 (Bank Nifty Spot Levels)

Leave a Reply