Bank Nifty Bounce from Gann Angle

By | July 16, 2019
  • As Discussed in Last Analysis Bank Nifty Opened with gap up but once below 30518 did 30343 on downside. We are at a very crucial juncture as any break and close below 30300 can see fast move towards 30150/30000. Bulls will become active above 30500 for a move back to 30650/30800. Bank Nifty bounced from gann angle, and almost did our 1 target of 30650 as high made was 30635. Till we are holding 30500 we can move towards 30800. Bears have there chance below 30430 for a move back to 30343/30250/30150/30000.

  • Bank Nifty July Future Open Interest Volume is at 16.4 lakh with liquidation of 0.53 Lakh, with decrease in Cost of Carry suggesting short  positions were added today. Bank nifty Rollover cost @31207 closed below.
  • 31000 CE is having highest OI @5.2 Lakh resistance at 31000  followed 31500. 30000-32000 CE added 0.20 Lakh in OI so bears added position in the zone of 31000-31500.
  • 30000 PE is having highest OI @4.4 Lakh, strong support at 30500 followed by 30300.30000-32000 PE added 2 Lakh OI so bulls making strong support in the range of 30300-30500.

Buy above 30600 Tgt 30666,30750 and  30865 (Bank Nifty Spot Levels)

Sell below 30520 Tgt 30455,30340and 30250 (Bank Nifty Spot Levels)

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