Bank Nifty Analysis as Neptune at Opposition

  • As discussed in last analysis  Bank Nifty broken the gann angle and closed below it for 2 day in a row, Bears need to break below 22200 for a move back to 22046/21850.Bulls will get active above 22555 for a move back to 22700/22900. Low made 22205 so bears unable to break 22000 and bulls almost did 1 target on upside and we formed anotehr DOJI candel, another close below gann angle.Yesterday went Neptune went into Opposition so bears first need to break 22200 for a move towards  22080 Mars Retrograde low,Break of 22080 can see move towards 21950/21771/21500. Bulls will get active above 22700 for a move back to 22914/23150/23300. Impact Of Sebi’s New Circular On Multi Cap Funds ?

  • Bank Nifty Sep Future Open Interest Volume is at 14.9 lakh with addition of 0.81 Lakh, with increase in Cost of Carry suggesting short  positions were closed today. Bank nifty Rollover cost @23392 closed below it.
  • 23000 CE is having highest OI @7 Lakh resistance at 23000 followed 23500.22000-23000 CE added 20 Lakh in OI so bears added position in the zone of 22500-22800
  • 22000 PE is having highest OI @5 Lakh, strong support at 22200 followed by 22000.22000-24000 PE added 5 Lakh OI so bulls making support in the range of 22200-22000.

Buy Above 22500 Tgt 22610,22721 and 22910 (Bank Nifty Spot Levels)

Sell Below 22350 Tgt 22250,22040 and 21920 (Bank Nifty Spot Levels)

Leave a Reply