Bank Nifty Forms DOJI at Gann Angle

By | January 24, 2019
  • As Discussed in Last Analysis  Bank Nifty bears got active below 27360 and did 1 target on downside, Now Bears need to break 27216 for a move back to 27072/27000/26920. Bulls will get active above 27360 for a move back to 27504/27648. High made today was 27342 so bulls were unable to break 27360 but also failed to do target of 27072 and formed DOJI near gann angle as shown in below chart as 25 Is important time cycle date so expect good move in next 2 days  Bulls will get active above 27360 for a move back to 27504/27648, Bears will need to break 27216 for a move back to 27072/27000/2692   Intraday time for reversal can be at 9:32/1:50. Is Trading the most difficult profession ?

  • Bank Nifty Jan Future Open Interest Volume is at 17.7 lakh with liquidation of  1.7 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @27033 closed above it.
  • 27500 CE is having highest OI @8.8 Lakh resistance at 27600  followed 27800.  26000-28000 CE added 7.8 Lakh in OI so bears added  position  in the zone of 27500-27800.
  • 27000 PE is having highest OI @8.8 Lakh, strong support at 27000 followed by 26900.26000-28000 PE added 6.9 Lakh OI so bulls making strong support in the range of 26900-27000.

Buy above 27300 Tgt 27360,27476 and 27564 (Bank Nifty Spot Levels)

Sell below 27240 Tgt 27160,27072 and 26960 (Bank Nifty Spot Levels)

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