Bank Nifty near Gann Support, Will it bounce or breakdown ?

By | March 20, 2017
  • As discussed in Last Analysis  Long above 21300 for a move towards 21450/21500. Bearish below 21000 for a move towards 20800/20600. High made today was 21202 and low made was 21084 so we continue to trade in the range, We are also approaching the gann angle support so if 21000-21040 range is held we can again see a bounce back. Long can be taken in the range of 21040-21000 range if and when it comes for a move towards 21200/20300. Breakout on close above 21300 for a move towards 21450/21500. Bearish below 21000 for a move towards 20800/20600. Big move can be seen in next 2 days as per time cycle. The Black Belt Story

  • Bank Nifty March Future Open Interest Volume is at 22.1 lakh with liquidation  of 0.58 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @20877, closed above it and rallied more than 500 points.
  • 21500 CE is having highest OI @8.5 Lakh resistance at 21500. 20000-22000 CE saw addition of 2.5 lakh in OI suggesting bears are again wresting control over 21500.
  • 20500 PE is having highest OI @5.9 Lakh, strong support at 20500 followed by 21000, Bulls added 1.2 Lakh in OI in range of 20000-22000 suggesting bulls are sealing 21000 for expiry.

Buy above 21150 Tgt 21200,21250 and 21320 (Bank Nifty Spot Levels)

Sell below 21050 Tgt 21000,20930 and 20850 (Bank Nifty Spot Levels)

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4 thoughts on “Bank Nifty near Gann Support, Will it bounce or breakdown ?

  1. g.rishi Shah

    Sirji, bur above 21500?
    pl rectify………

    Thanks.

  2. S S

    Buy above 21500 Tgt 21200,21250 and 21320 (Bank Nifty Spot Levels)….plz chk sir…seems some typo error

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