Bank Nifty does 21250 Holding Gann Angle,EOD Analysis

By | March 15, 2017
  • As discussed in Last Analysis  Bank Nifty continue to hold its gann 1×1 angle, before the crucial election results and can head towards 21500/22000 as per gann angles next resistance as shown below. Traders following the analysis should have made good money in todays gap up, as price was holding gann angle 1×1 and showed the impulsive move .21000 will become an important support on lower side, break of 21000 can see fast move towards 20900/20750. Higher side move above todays high of 21274 can see fast move towards 21400/21500 where is gann angle resistance   Chasing a Trade

  • Bank Nifty March Future Open Interest Volume is at 24 lakh with addition of 2.6 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @20877, closed below it.
  • 21500 CE is having highest OI @8 Lakh resistance at 21500. 20000-22000 CE saw liquidation of 1.5 lakh in OI suggesting bears ran for cover in range of 20800-21000.
  • 20500 PE is having highest OI @4.5 Lakh, strong support at 20500 followed by 21000, Bulls added 2.41 Lakh in OI in range of 20000-22000.

Buy above 21150 Tgt 21220,21300 and 21370 (Bank Nifty Spot Levels)

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

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