Bank Nifty Bulls continue to hold gann angle support,EOD Analysis

By | May 3, 2018
  • As Discussed in Last Analysis 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. Low made today was 25469 so bulls held on to gann angle support as shown in below chart second day in a row ,so upmove can continue towards 25777/25920 above 25630. Bearish below 25344 for the downmove towards 25200/25050. 06 May is an important trend change date so we can see effect either tommrow or Monday. Bank Important intraday time for reversal can be at 10:01/ 12:15/2:23. Time Based Scanner for Stocks for 01-05 May

  • Bank Nifty May Future Open Interest Volume is at 24.6 lakh with addition  of 0.36 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 @3.7 Lakh resistance at 25800 followed 26000.24000-26000 CE added 0.02 lakh in OI so bears added minor position at higher level making resistance in range of 25600-800

 

  • 24500 PE is having highest OI @8.9 Lakh, strong support at 25300 followed by 25000.24000-26000 PE  added 0.78 lakh in OI so bulls having strong support in range of 24800-25000.

 

Buy above 25630 Tgt 25680,25777 and 25850 (Bank Nifty Spot Levels)

Sell below 25550 Tgt 25450,25350 and 25250 (Bank Nifty Spot Levels)

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