Bank Nifty Analysis for 21 Sep

  • As Discussed in Last Analysis Bank Nifty is approaching an Important Astro Cycle and also we formed NR7 day today suggesting big move round the corner. Bulls have failed to close above 22760. Bears need to break 22250 for move back to 22126/21986/21800. Bulls will get active above 22525 for a move back to 22698/22800/23000.High made was 22470 so bulls unable to break 22525 and bears once below 22250 did 22800 on downside and we have closed below the Mars Retrograde low of 22080 suggesting bears have upper hand and can push bank nifty towards 21800/21500/21300. Bulls will get active above above 22225 for a move back to 22400/22779. 

  • Bank Nifty Sep Future Open Interest Volume is at 15.4 lakh with liquidation of 1.6 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 @10 Lakh resistance at 23000 followed 23500.22000-23000 CE added 12 Lakh in OI so bears added position in the zone of 22500-22800
  • 21800 PE is having highest OI @12 Lakh, strong support at 21800 followed by 21500.21000-24000 PE added 5 Lakh OI so bulls making support in the range of 21800-22000.

Buy Above 22070 Tgt 22150,22400 and 22555 (Bank Nifty Spot Levels)

Sell Below 21950 Tgt 21790,21666 and 21500 (Bank Nifty Spot Levels)

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