Mars at Perihelion:Bank Nifty corrects 500 points

  • As discussed in last analysis  03 Aug is important astro date as Mars at Perihelion so good move will be seen in next 2 trading sessions. Bank Nifty Bulls need to move above 21630 for a move towards 21786/22000. Bears will get active below 21500 for a move towards 21357/21154/21000. All Bearish target done as Mars at Perihelion Astro Date showed its effect, Now Bears need to break 21000 for a move back to 20890/20736/20449. Bulls will get active above 21316 for a move back to 21463/21609/21800

  • Bank Nifty Aug Future Open Interest Volume is at 15.5 lakh with addition of 1.9 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @22013 closed below it.
  • 22000 CE is having highest OI @12 Lakh resistance at 22000 followed 22300.20000-23000 CE added 34 Lakh in OI so bears added position in the zone of 22000-22500.
  • 20500 PE is having highest OI @12 Lakh, strong support at 20500 followed by 21000.20000-22000 PE added 2 Lakh OI so bulls making support in the range of 20500-20800.

Buy Above 21220 Tgt 21385,21500 and 21720(Bank Nifty Spot Levels)

Sell Below 21000 Tgt 20890,20730 and 20500(Bank Nifty Spot Levels)

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