Bank Nifty Rallies on Gann Date

By | June 25, 2019
  • As Discussed in Last Analysis 24 June is very important day as per Gann. 24 June High and low are very important and we should see a good move in Bank Nifty in next 2 days. Fresh Positional long should be taken above 30783 for a move back to 30999/31087/31176. Bears will get active below 30528 for a move back to 30386/30300/30212. Bears got whipsawed below 30528 but bulls once above 30783 rallied and nearing our 1 target of 30999. Bulls need a close above 30950 for a move towards 31156/31365. Bears will get active only below today close of 30451. Gann Time Cycle again helped us in capturing the bottom today.

  • Bank Nifty June Future Open Interest Volume is at 15 lakh with liquidation of 2.7 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @31540 closed below it.
  • 31000 CE is having highest OI @8.8 Lakh resistance at 31000  followed 31500.Any Close above 31000 can see a swift move towards 31250-31300 in next 2 days.  30000-32000 CE liquidated 7.6 Lakh in OI so bears covered in the zone of 31000-31500.
  • 30000 PE is having highest OI @5.4 Lakh, strong support at 30500 followed by 30200.30000-32000 PE added 12.9 Lakh OI so bulls making strong support in the range of 30300-30500.

Buy above 30888 Tgt 30976,31064 and  31154 (Bank Nifty Spot Levels)

Sell below 30800 Tgt 30713,30625 and 30538 (Bank Nifty Spot Levels)

Follow on Twitter:https://twitter.com/brahmesh

Follow on Facebook https://www.facebook.com/Brameshs-Tech-14011718268586

Youtube Channel: https://www.youtube.com/channel/UCxTIpotKybyOQIDsS3eEqhQ

Leave a Reply