Bank Nifty Analysis for 23 Dec

  • As Discussed in Last Analysis We saw the effect of Astro dates and gann angle resistance as shown in below video bank nifty crashed towards 29200. Now Bulls need to move above 29605 for a move back to 29755/29904/30150. Bears below 29200 can see fall extending towards 29050/28902/28666. Bears were able to do 1 target on dowside, Bears need to psuh below 29525 for the downmove to continue towards 29343/29164/28900. Bulls above 29730 can push towards 29899/30050. 2 days close Below 29343 can lead to quick fall towards 28560/27770 where gann angle support lies as shown in below chart.

  • Bank Nifty Nov Future Open Interest Volume is at 14.7 lakh with liquidation of 2.8 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @29413 closed above it.
  • 30000 CE is having highest OI @12.8 Lakh resistance at 30000 followed 30500.29000-31000 CE added 18 Lakh in OI so bears added position in the zone of 30000-30300.
  • 29000 PE is having highest OI @12.6 Lakh, strong support at 29200 followed by 29000 .29000-31000 PE added 15 Lakh OI so bulls making support in the range of 29200-29000.

Buy Above 29729 Tgt 29899,30000 and 30172 (Bank Nifty Spot Levels)

Sell Below 29531  Tgt 29438,29343 and 29164 (Bank Nifty Spot Levels)

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