Bank Nifty Analysis for 16 June

By | June 15, 2021 7:50 pm
  • As Discussed in Last Analysis We saw a swift fall in bank nifty and today being an important astro date as discussed in below video we can see a top or bottom formation based on the break of today high and low. Bulls will get active above 35001 for a move towards 35170/34333/35500. Bears will get active below 34885 for a move towards 34684/34551/34300/34150. We formed bottom as price broke the days high of astro date and did 2 target on upside, Now for mometeum to continue on upside bulls need to break 35323 for a move towards 35444/35555/35666. Bears have there chance only below 35099 for a move towards 34951/34763/34610.

  • Bank Nifty June  Future Open Interest Volume is at 14.8 lakh with liqudiation of 0.31 Lakh, with decrease in Cost of Carry suggesting SHORT positions were closed today. Bank nifty Rollover cost @34885 closed above it.
  • 35500 CE is having highest OI @28.6 Lakh resistance at 35500 followed 36000. 35000-36000 CE added 12.6 Lakh in OI so bears added position in the zone of 34500-35000.
  • 34500 PE is having highest OI @18.3 Lakh, strong support at 34500 followed by 34000 .34000-35000 PE added 27 Lakh OI so bulls making support in the range of 34000-34500.

Buy Above 35323 Tgt 35444, 35555 and 35666 (Bank Nifty Spot Levels)

Sell Below 35160 Tgt 35040, 34920 and 34763 (Bank Nifty Spot Levels)

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