Bank Nifty form Bearish ABCD Pattern,EOD Analysis

By | July 15, 2021
  • As Discussed in Last Analysis  We have discussed the importance of Gann and Astro cycle in below video and discussed the plan also.Plan remains the same Bulls need to move above 35729 for a move back to 35820/35960/36200. Bears will get active below 35610 for a move back to 35470/35270/35100. 2 Bullish target done and we saw the impact of Astro and Gann Date, Now Bank Nifty is forming Bearish ABCD Pattern as shown in below chart  with PRZ in the zone of 36143-36185 which is very crucial range, Unable to cross this we can see a fall twards 35300 odd levels in next . Bulls need to move above 36000 for a move back to 36145/36412/36600. Bears will get active below 35805 for a move back to 35693/35480/35334. 

  • Bank Nifty July Future Open Interest Volume is at 19 lakh with addition of 0.95 Lakh, with increase in Cost of Carry suggesting LONG positions were closed today. Bank nifty Rollover cost @34909  closed above it.
  • 36500 CE is having highest OI @7.3 Lakh resistance at 36500 followed 37000. 35000-37000 CE added 5.3 Lakh in OI so bears added position in the zone of 36000-36500.
  • 34500 PE is having highest OI @15.2 Lakh, strong support at 35000 followed by 34500 .34000-35000 PE added 22 Lakh OI so bulls making support in the range of 34500-35000.

Buy Above 36000 Tgt 36098, 36185 and 36400 (Bank Nifty Spot Levels)

Sell Below 35872 Tgt 35700, 35585 and 35480 (Bank Nifty Spot Levels)

Leave a Reply