Bank Nifty near Crucial Gann Angle Support

By Bramesh | July 16, 2019
  • As Discussed in Last Analysis Bank Nifty Bulls will again get active above 30610 for a move back to 30780/30868/30956. Bears will become active below 30518 for a move back to 30343/30256/30169. 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 July Future Open Interest Volume is at 17 lakh with liquidation of 0.58 Lakh, with increase in Cost of Carry suggesting short  positions were added today. Bank nifty Rollover cost @31207 closed below it and big fall.
  • 31000 CE is having highest OI @3.2 Lakh resistance at 31000  followed 31500. 30000-32000 CE added 1.8 Lakh in OI so bears added position in the zone of 31000-31500.
  • 30000 PE is having highest OI @3.5 Lakh, strong support at 30500 followed by 30300.30000-32000 PE added 0.72 Lakh OI so bulls making strong support in the range of 30300-30500.

Buy above 30500 Tgt 30580,30666 and  30800 (Bank Nifty Spot Levels)

Sell below 30400 Tgt 30300,30150 and 30000 (Bank Nifty Spot Levels)

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