Will Bank Nifty Bounce on Gann Time Cycle Date

By | July 22, 2019
  • As Discussed in Last Analysis Now bulls need to hold 29450-29520 range where the Election gap will get filled for the upmove towards 29808/29952/30096. Bears will get active below 29447 for a move back to 29361/29275/29190/29104. Low made was 29194 so bears did target below 29447. We are entering the next level of importnat support in range of 29100-29130 holding the range we can see a move on upside towards 29376/29520/29664. Bears will get active below 29088 for a move back to 28944/28000/28656. Tomorrow is important gann and Astro date also.

  • Bank Nifty July Future Open Interest Volume is at 12 lakh with liquidation of 2.5 Lakh, with increase in Cost of Carry suggesting short  positions were closed today. Bank nifty Rollover cost @31207 closed below.
  • 29500 CE is having highest OI @4.1 Lakh resistance at 29500  followed 29800. 28000-30000 CE added 11.5 Lakh in OI so bears added position in the zone of 29300-30000.
  • 29000 PE is having highest OI @6.7 Lakh, strong support at 29100 followed by 29000.30000-32000 PE added 11 Lakh OI so bulls making strong support in the range of 29000-29300.

Buy above 29232 Tgt 29377,29520 and  29664  (Bank Nifty Spot Levels)

Sell below 29088 Tgt 28944 ,29880 and 28656  (Bank Nifty Spot Levels)

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