Bank Nifty unable to close above Gann Angle,EOD Analysis

By | April 3, 2017
  • As discussed in Last Analysis   Now if we close above 21700 we can see next move towards 21797 which is an important resistance zone and above it fast move towards 22000-22100. Bearish below 21500 for a move towards 21400/21350. We were able to capture a 800 pointer from 20870, When price and time meets it creates a fast move thats where gann helps us in keeping ahead of the curve. High made today was 21565 and low made was 21409 so as soon 21500 was broken bulls were on backhand and bears moved till 21409 near our target of 21400. Bulls need to cross above 21700 which is gann angle resistance as shown in below chart. Strong support in range of 21330-21374 and till we are trading below 21500 bears can see move till 21330. Bullish only on close above 21700.  Is THIS Holding You Back?

  • Bank Nifty April Future Open Interest Volume is at 26.2 lakh with addition of 0.12 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @21316, closed above it and Rollover % at 65.2
  • 21500 CE is having highest OI @6.1 Lakh resistance at 21500. 20000-22000 CE saw addition of 1.43 lakh in OI suggesting bears are still holding on 21500.
  • 21000 PE is having highest OI @4.2 Lakh, strong support at 21000 followed by 20800, Bulls added2.58 Lakh position in OI in range of 20000-22000 .

Buy above 21610 Tgt 21660,21730 and 21820 (Bank Nifty Spot Levels)

Sell below 21500 Tgt 21450,21350 and 21250 (Bank Nifty Spot Levels)

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