Bank Nifty bounce from time cycle low of 29700

By | April 13, 2019
  • As Discussed in Last Analysis Bank Nifty bears got whipsawed today below 29700, and continue to hold gann angle support zone and close near vedic number 29791. Now Bulls need to move above 29851 for a move back to 29971/30089/30165. Bears will get active below 29700 for a move towards 29532/29447. Low made was 29707 so bulls protected 29700,bounced from gann angle once above 29851 did 1 target of 29971. Market continue to be in sideways move just like it did in 2014 as discussed in below video Now Bulls need to move above 30000 for a move back to 30078/30165/30351. Bears will get active below 29700 for a move towards 29532/29447.

  • Bank Nifty April Future Open Interest Volume is at 19.2 lakh with addition of 1.4 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @29967.
  • 30500 CE is having highest OI @4.8 Lakh resistance at 30200 followed 30500.  29000-31000 CE liquidated 0.77 Lakh in OI so bears covered in the zone of 30000-30300.
  • 29500 PE is having highest OI @4.1 Lakh, strong support at 29700 followed by 29500.29000-31000 PE added 0.13  Lakh OI so bulls making strong support in the range of 29600-29700.

Buy above 30000 Tgt 30060,30165 and  30232 (Bank Nifty Spot Levels)

Sell below 29880 Tgt 20763,29666 and 29590 (Bank Nifty Spot Levels)

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