Bank Nifty near gann angle support, Will It Bounce Again ?

By | May 13, 2017
  • As discussed in Last Analysis    Bank Nifty made high of 22977 doing our target of 22940 and now holding 20700 we can move towards 23110.Bearish only below 22500. Hope traders are njoying this wonderful ride we are having in market. Dance till the music lasts. Bank Nifty finally closed below 22700 suggesting bulls are near the gann angle support holding the same we can again see an upmove towards 23000/23110.Bearish below 22500 for a move towards 22350/22100   Lesson a TRADER can learn from ANT

  • Bank Nifty May Future Open Interest Volume is at 35.8 lakh with liquidation of 1.3 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @22035, closed above it.
  • 23000 CE is having highest OI @6.5 Lakh resistance at 23000 followed 22500. 22000-24000 CE saw addition of 0.41 lakh in OI suggesting bears  added in range of 23000-23500.
  • 22000 PE is having highest OI @9 Lakh, strong support at 22000 followed by 21800, Bulls liquidated 0.63 Lakh position in OI in range of 22000-23500 making strong base in range of 22000-21800.

Buy above 22710 Tgt 22820,22940 and 23110 (Bank Nifty Spot Levels)

Sell below 22650 Tgt 22550,22430 and 22350 (Bank Nifty Spot Levels)

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