Mercury Ingress Impact on Bank Nifty

By | August 11, 2021 7:47 am
  • As discussed in  Last Analysis  Bears were able to do 1 target on downside and Bulls were able to do 1 target on upside. Till we are holding 35937 bulls can rally towards  36079/36324. Bears will again get active below 35886 for a move back to 35707/35555/35386. High made was 36317 so bulls were able to achieve both target on upside before intraday correction came in but intraday recovery led to close above 35937 again. Till we are holding 35937 bulls can rally towards  36079/36324. Bears will again get active below 35886 for a move back to 35707/35555/35386. Today we are Mercury going to Virgo in evening and Mars Sqaure North Node or Rahu suggesting big trending move should be seen either today or tommrow. 

  • Bank Nifty August Future Open Interest Volume is at 21.4 lakh with addition  of 1.8 Lakh, with increase in Cost of Carry suggesting  SHORT positions were added today. Bank nifty Rollover cost @34880 closed above it.
  • 36500 CE is having highest OI @12.8 Lakh resistance at 36500 followed 37000. 36000-37000 CE added 10.2 Lakh in OI so bears added position in the zone of 36500-37000.
  • 35000 PE is having highest OI @22.7 Lakh, strong support at 35000 followed by 34500.35000-36000 PE added 23 Lakh OI so bulls making support in the range of 35000-35500.

Buy Above 36110 Tgt 36240, 36355 and 36444(Bank Nifty Spot Levels)

Sell Below 35980 Tgt 35890, 35729and 35525 (Bank Nifty Spot Levels)

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