Has Bank Nifty formed short term bottom on Gann Date?

By | August 24, 2019
  • As Discussed in Last Analysis  We had a major breakdown today so we can see the decline extending till 26500/26000 till we are below 27300. Low made was 26560  so bears almost did our target of 26500 and we saw a recovery. Bulls need to see rise above 27300 for a move back to 27500/27666/27800.Bears will get active below 26900 for a move back to 26750/26610. 23 was a Gann Natural Date so holding this low we can see a good rally only if we close above 27300

  • Bank Nifty Aug Future Open Interest Volume is at 16.6 lakh with liquidation of 0.77 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @29286  closed below it.
  • 27500 CE is having highest OI @5.8 Lakh resistance at 27500  followed 27800. 27000-30000 CE added 11 Lakh in OI so bears added position in the zone of 27500-27800.
  • 27000 PE is having highest OI @3.4  Lakh, strong support at 26800 followed by 26500.27000-29000 PE added 2.2  Lakh OI so bulls making strong support in the range of 27000-26800.

Buy above 27057 Tgt 27139,27221 and  27304  (Bank Nifty Spot Levels)

Sell below 26892 Tgt 26811,26729 and 26600 (Bank Nifty Spot Levels)

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