Nifty Bank Technical Analysis & Signals

By | September 15, 2021 8:30 am

As Discussed in Last Analysis Price is creating resistance at gann angles finding is diffcult to cross. As we have culimation of astro dates combined with NR7 pattern we can expect a good trending move. Bulls need to break 36860 for a move towards 37002/37147/37292/37438. Bears will get active below 36545 for a move towards 36421/36276/36130/35985. High made was 36756 so bulls unable to break 36860 and Bear got whipsawed below 36545 as low made was 36529, and we have formed NR7 pattern in bank nifty also. Plan remains the same Bulls need to break 36860 for a move towards 37002/37147/37292/37438. Bears will get active below 36545 for a move towards 36421/36276/36130/35985. Market will test our patience let levels come and Discipline will be rewarded. 

  • Bank Nifty Rollover cost @35609 closed above it. 36019 gone aand we are up 1000 points up in a two trading sessions. 
  • Bank Nifty Sep Future Open Interest Volume is at 18.1 lakh with liquidation of 0.10 Lakh, with decrease in Cost of Carry suggesting  SHORT positions were closed today.
  • A flat day. Though the trading volumes are high, not much changes are visible either in the FII activity on Bank Nifty Future OI. It is a pause day before both the bulls and bear camps plan their next course of action. Culmination of  Astro Dates Mars going Ingress on 14 should act as a trigger for big move.
  • There is total OI of 2 Cr on the Call side and 1.44 Cr on the Put side. So, the activity is more on CALL side indicating Option Writers are having Bearish Bias.
  • The Option Table data indicates decent support at 36500 and reasonable resistance at 37000.
  • For Positional Traders Stay long till we are holding Trend Change Level 36542 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 36742 will act as a Intraday Trend Change Level. 

Buy Above 36636 Tgt 36736, 36860 and 36962 (Bank Nifty Spot Levels)

Sell Below 36600 Tgt 36509, 36406 and 36285 (Bank Nifty Spot Levels)

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