Bank Nifty bounce from Gann Angle,EOD Analysis

By | June 17, 2017
  • As discussed in Last Analysis   Bank nifty made low of 23311 doing our 1 target of 23300 below 23400 and also closed at 23391 , suggesting bears are having upper hand and can push nifty towards 23300/23170/23000. A Note of Caution as per below charts Nifty is trading near the crucial 1×1 line which has give multiple support in past 3 time, Will it again bounce back. Bulls get active above 23477 for a move towards 23760/23900. 17 June is important trend change date as per geometric time cycle as it being holiday we should see effect either tomorrow or Monday. Nifty bears got whipsawed again as we discussed, Prices again bounced from gann angles as shown in below chart and also closed above 23477 and now heading towards 23760/23900. Bearish below 23400 for a move towards 23300/23150/23000. As we discussed 17 June is important trend change day so low made on Friday is important ie.23391 holding the same we can continue to move higher towards our target.   The Missing Watch

  • Bank Nifty June Future Open Interest Volume is at 25.1 lakh with liquidation of 0.92 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @22660, closed above it.
  • 24000 CE is having highest OI @6 Lakh resistance at 23700 followed 24000. 22500-24500 PE added 1.2 lakh so Bears continue to add position at higher level.
  • 23000 PE is having highest OI @11.4 Lakh, strong support at 23000 followed by 22800, Bulls added 1.3 Lakh position in OI in range of 22500-24500 making strong base in range of 23000-23200.

Buy above 23560 Tgt 23610,23700 and 23800 (Bank Nifty Spot Levels)

Sell below 23460 Tgt 23400,23320 and 23250 (Bank Nifty Spot Levels)

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