Bank Nifty Bulls continue holding gann angle,EOD Analysis

By | May 2, 2018
  • As Discussed in Last Analysis   Bank Nifty bulls did the 1 target of 25555 now bulls need to hold 25450  breakout level of gann angle for the upmove to continue towards 25632/25777/25920. Bearish below 25344 for the downmove towards 25200/25050. Low made today was 25499 so bulls held on to gann angle support as shown in below chart,so upmove can continue towards 25777/25920 above 25630. Bearish below 25344 for the downmove towards 25200/25050. Bank Important intraday time for reversal can be at 10:31/ 12:34/2:35. Time Based Scanner for Stocks for 01-05 May

  • Bank Nifty May Future Open Interest Volume is at 23.9 lakh with liquidation  of 0.85 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @24969  closed above it and rallied 400 points.
  • 25600 CE is having highest OI @3.8 Lakh resistance at 25800 followed 26000.24000-26000 CE added 0.59 lakh in OI so bears added  position at higher level making resistance in range of 25600-800

 

  • 24500 PE is having highest OI @7.7 Lakh, strong support at 25300 followed by 25000.24000-26000 PE  added 4.9 lakh in OI so bulls having strong support in range of 24800-25000.

 

Buy above 25600 Tgt 25666,25777 and 25830 (Bank Nifty Spot Levels)

Sell below 25500 Tgt 25420,25350 and 25250 (Bank Nifty Spot Levels)

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