Mercury Retrograde BANK Nifty Analysis

By | September 28, 2021 9:05 am

 We had Mercury Retrograde yesterday and we have hit the gann angle resistance zone as shown in below chart. Break of 38355 on Upside will lead to 300-400 points move and Bears need to break 37968 for a move of 300-400 on downside. Now Bulls need to cross 38261 for a move towards 38358/38456/38555/38653. 38562 is important level to be watched out for as Gann Cycle which started from 37780 will complete at 38562. Bears will have chance below 38062 for a move towards 37964/37867/37769/37672. 

  • Bank Nifty Sep Future Open Interest Volume is at 14.1 lakh with liquidation of 1.6 Lakh, with increase in Cost of Carry suggesting  LONG positions were closed today.
  • Bank Nifty has broken its double top and made new life high now 38112 should act as good support. For players who are long 39304 should be kept on chart for next trend change level. 
  • MAX Pain is at 38000 PCR has decreased from 0.99 to 0.90 suggesting its was a short covering rally today.
  • The Option Table data indicates decent support at 37500 and reasonable resistance at 38500.
  • For Positional Traders Stay long till we are holding Trend Change Level 36955 and stay short below it. That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 38226 will act as a Intraday Trend Change Level. 

Buy Above 38201 Tgt 38343, 38500 and 38666 (Bank Nifty Spot Levels)

Sell Below 38112 Tgt 38000, 37864 and 37729 (Bank Nifty Spot Levels)

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