Bank Nifty again bounce from Gann Angle,EOD Analysis

By | May 8, 2017
  • As discussed in Last Analysis   Bulls failed to close above 22700, Bearish below 22500 for a move towards 22350/22115. Bullish above 22700 for a move towards 22940/23000. Bank Nifty again bounced back from the 22500 which was both gann angle and gann price support zone, High made today was 22835 so as soon as we moved above 22700 bulls were in control, now bulls need to hold 22700 for a move towards 22940/23104.Bearish only on close below 22500.  Is It possible to Trade without emotion

  • Bank Nifty May Future Open Interest Volume is at 36.4 lakh with addition of 1.5 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @22035, closed above it.
  • 23000 CE is having highest OI @5.3 Lakh resistance at 23000 followed 22500. 21500-23500 CE saw addition of 1  lakh in OI suggesting bears  added in range of 23000-23500.
  • 21500 PE is having highest OI @9.1 Lakh, strong support at 22000 followed by 21500, Bulls added 1 Lakh position in OI in range of 21500-22500 making strong base in range of 22000-21800.

Buy above 22780 Tgt 22840,22940 and 23100 (Bank Nifty Spot Levels)

Sell below 22720 Tgt 22660,22550 and 22480 (Bank Nifty Spot Levels)

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