Mercury Ingress Impact on Bank Nifty

  • Bank Nifty has been moving perfectly from gann angle support to gann angle resistance as shown in below chart and we are back to middle of gann angle support zone today being Mercury Ingress suggesting another big move will be seen in next 2 trading sessions. Bulls need to move above 32366 for q quick move towards 32500/32830/33011/33316. Bears will get active below 32180 for a quick move towards 31870/31525/31376/31101. 

  • Bank Nifty April Future Open Interest Volume is at 15.1 lakh with addition of 0.19 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @33146 closed below it.
  • 33000 CE is having highest OI @11.7 Lakh resistance at 32500 followed 33000.32000-33000 CE added 7.2 Lakh in OI so bears added position in the zone of 32500-33000.
  • 31000 PE is having highest OI @7.6 Lakh, strong support at 31000 followed by 30500 .30500-31500 PE added 4.9 Lakh OI so bulls making support in the range of 30500-31000.

Buy Above 32380 Tgt 30490,32600 and 32729 (Bank Nifty Spot Levels)

Sell Below 32180 Tgt 32099,31970 and 31843 (Bank Nifty Spot Levels)

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