Bank Nifty rallies 1000 points after doing price time squaring

By | May 28, 2018
  • As Discussed in Last Analysis Now Bulls should hold 26210 for the upmove to continue towards 26496 where we have gann angle resistance and above that 26640/26678. Bearish below 26200 for a move back to 26064/25920. High made today was 26723 so bank nifty did all our target till 26678 up almost 1000 points after we did price time squaring. Bulls should now hold 26550-26569 range for the upmove to continue towards 26896-26928 where we have an important supply zone and also gann angle resistance. Bearish below 26500 only.  Bank Important intraday time for reversal can be at 10:08/11:53/2:05. How to Control Emotions While trading

  • Bank Nifty May Future Open Interest Volume is at 25.9  lakh with liquidation of 2.2 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @24969  closed above it and rallied 1500 points.
  • 27000 CE is having highest OI @9.6 Lakh resistance at 27000 followed 26800.25000-27000 CE liquidated 4.4 lakh in OI so bears covered  position at higher level making resistance in range of 26800-27000.

 

  • 26000 PE is having highest OI @11.3 Lakh, strong support at 26300  followed by 26000.25000-27000 PE  added 18.7  lakh in OI so bulls having strong support in range of 26200-26300.

 

Buy above 26640 Tgt 26700,26784 and 26896 (Bank Nifty Spot Levels)

Sell below 26530 Tgt 26450,26350 and 26270 (Bank Nifty Spot Levels)

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