Bank Nifty Analysis PM Modi Announces 20 Lakh crore Package

  • As discussed in last analysis Now Bears need to break 18900 for a move back to 18769/18496/18225. Bulls will get active above 19200 for a move towards 19321/19600/19881. Bank Nifty opened with gap down and did all target on downside and bounced from gann angle support as shown in below chart, As Our Beloved PM Modi has announced Financial Package of 20 Lakh cores so market should open with gap up as Neural also indicated down on 12 and than upmove on 13, Bulls need to move above 19050 for a move back to 19321,19600,19881. Bears will get active below 18769 for a move back to 18496,18225,17957.

  • Bank Nifty May Future Open Interest Volume is at 14.5  lakh with addition of 0.49 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @20762 closed below it
  • 20000 CE is having highest OI @5.3 Lakh resistance at 20000 followed 20500.19000-22000 CE added 22.8 Lakh in OI so bears added position in the zone of 20000-20500.
  • 18500 PE is having highest OI @2.3 Lakh, strong support at 18500 followed by 18300.18000-20000 PE liquidated 1.7 Lakh OI so bulls making support in the range of 18500-18300.

Buy Above 19000 Tgt 19150,19310 and 19490  (Bank Nifty Spot Levels)

Sell Below 18700 Tgt 18500,18225 and  18000(Bank Nifty Spot Levels)

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