Nifty Bank Analysis Venus at Inferior Conjunction

  • As discussed in last analysis   Bulls need to defend range of 19683-19700 for the up move to continue towards 20164/20449. Bears will get active below 19600 for a move back to 19321/19044. 02 June we are completing Important gann cycle which started from 24 March, As discussed in Below Video We have an Important Astro Date which comes once in 1.5 year and lead to big move in market.We have done all bullish target above 19600. Now Bulls need to move above 20736 for a move back to 21025/21300. Bears will get active below 20230 for a move back to 20000/19881/19630.

  • Bank Nifty May Future Open Interest Volume is at 15.7  lakh with addition of 1.4 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @18001 closed above it
  • 21000 CE is having highest OI @6.9 Lakh resistance at 21000 followed 21500.19000-22000 CE added 2.9 Lakh in OI so bears added position in the zone of 21000-21500.
  • 19500 PE is having highest OI @5.3 Lakh, strong support at 19500 followed by 20000.18000-21000 PE added 11 Lakh OI so bulls making support in the range of 19000-19500.

Buy Above 20600 Tgt 20730,20881 and 21000 (Bank Nifty Spot Levels)

Sell Below 20431 Tgt 20332,20234 and  20050 (Bank Nifty Spot Levels)

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