Bank Nifty Analysis as “New” Mercury Cycle Starts

• As discussed in last analysis  We will open with gap down on Monday Bulls need to hold 20293-20310 zone for rally back to 20700/21000. Bears will get active below 20200 for a move back to 19800/19653/19400.2 Bearish target done below 20200 and low made was 19643 near our 2 target of 19653. As new mercury cycle is starting today so high and low of 04 May ie. 20530 and 19653 break of any side will 600-800 points move in bank nifty as discussed in below video. Now Bulls need a close above 19980 for a move towards 20100/20300/20530. Bears need a close below 19610 for a move back to 19400/19100.
  

• Intraday time for reversal can be at 9:54/10:50/12:19/1:48/2:44 How to Find and Trade Intraday Reversal Times

• Bank Nifty May Future Open Interest Volume is at 12.8  lakh with addition of 3 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @20762 closed below it

• 21000 CE is having highest OI @4.3 Lakh resistance at 21000 followed 21500.19000-22000 CE added 2 Lakh in OI so bears added position in the zone of 20500-21500.

• 19500 PE is having highest OI @4 Lakh, strong support at 19500 followed by 193000.19000-21000 PE added 12 Lakh OI so bulls making support in the range of 19500-19300.

• Bank Nifty Futures Trend Deciding level is 19869 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 20757 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . ;

Buy Above 19975 Tgt 20087,20300 and 20530 (Bank Nifty Spot Levels)

Sell Below 19850 Tgt 19740,19610 and  19420 (Bank Nifty Spot Levels)

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