Bank Nifty Analysis as Jupiter Conjunct Mercury

By | January 11, 2021 8:33 pm
  • As discussed in Last Analysis   Bank Nifty was able to close above 32041 and above Gann Angle resistance waiting for the target of 32256/32400/32544.Bears will active below 31824 for a move back to 31684/31500. As Mercury Jupter Conjuction happend today suggesting today high and low is important for next move in Bank Nifty,Bulls need to move above 32300 for a move back to 32492/32697/32900. Bears will get active below 31795 for a move back to 31590/31343/31200. Jupiter Rules Bank Nifty so will have impact on Bank Nifty.

  • Bank Nifty Jan Future Open Interest Volume is at 15.6 lakh with Liquidation of 1.1 Lakh, with INcrease in Cost of Carry suggesting SHORT positions were closed today. Bank nifty Rollover cost @31230 closed above it.
  • 32500 CE is having highest OI @10.5 Lakh resistance at 32500 followed 33000.31000-33000 CE added 25 Lakh in OI so bears added position in the zone of 32500-33000.
  • 31500 PE is having highest OI @10.7 Lakh, strong support at 31500 followed by 31800 .30000-32000 PE added 26.3 Lakh OI so bulls making support in the range of 31500-31800.

Buy Above 32065 Tgt 32225,32420 and 32555 (Bank Nifty Spot Levels)

Sell Below 31910 Tgt 31795,31666 and 31589 (Bank Nifty Spot Levels)

Category: Daily

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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