Bank Nifty Ready for Big Move

  • As discussed in last analysis  17576 is very important gann number which should be watched closely. Bulls can rally towards 17689/17956/18225. Bears will get active below 17500 for a move towards 17200/16900. Bank Nifty opened with gap up, but unable to defend 17576. As per time cycle as discussed in below video bank nifty should see a trending move in next 2 days.Bank Nifty bulls need to move 17585 for a move towards 17783/18000/18200. Bears will get active below 17500 for a move towards 17200/17031/16900.

  • Bank Nifty May Future Open Interest Volume is at 13.7 lakh with liquidation of 0.25 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @20762 closed below it
  • 18000 CE is having highest OI @5 Lakh resistance at 18000 followed 18500.18000-20000 CE added 8 Lakh in OI so bears added position in the zone of 18000-18500.
  • 17500 PE is having highest OI @3 Lakh, strong support at 17500 followed by 17000.17000-20000 PE added 4 Lakh OI so bulls making support in the range of 17500-17300.

Buy Above 17585 Tgt 17684,17782 and 18000 (Bank Nifty Spot Levels)

Sell Below 17385 Tgt 17200,17031 and  16900  (Bank Nifty Spot Levels)

1 thought on “Bank Nifty Ready for Big Move”

Leave a Reply