Nifty Bank Forms DOJI on Time Cycle Date

  • As Discussed in Last Analysis, tomorrow is an important astro date – if we do not break 28900, which is a gann cycle number we may see a relief rally. Bulls will get active above 29076 for a move back to 29225/29376. Bears will get active below 28860 for a move back to 28666/28485. A high was made today at 29040, so bulls were unable to break 29076; Bears did break 28860 but were unable to hit our target on the downside and we formed a perfect DOJI in the demand zone of 28900 and gann angle support as shown in below chart. Also, tomorrow being an important astro date , we can see a trend reversal in Nifty Bank if we can hold today’s low of 28784. Bulls can rally towards 29030/29125/ 29261. Bears will get active below 28760 for a move back to 28666/28600/28500.

  • Nifty Bank May Future Open Interest Volume is at 17.3 lakh with a liquidation of 0.88 Lakh, along with a decrease in Cost of Carry suggesting short positions were closed today. Nifty Bank Rollover cost is @29964 and closed below it.
  • 30500 CE is having a highest OI @3 Lakh, resistance at 29500, followed by 29800.  29000-31000 CE added 0.56 Lakh in OI so bears added in the zone of 29500-29800
  • 29000 PE is having a highest OI @3.7 Lakh, strong support at 29000, followed by 28800. 29000-31000 PE added 0.54 Lakh OI, therefore bulls are creating strong support in the range of 28900-29000.

Buy above 28955 Tgt 29030,29120 and  29210 (Nifty Bank Spot Levels)

Sell below 28870 Tgt 28784,28700 and 28615 (Nifty Bank Spot Levels)