Bank Nifty rallies 4000 points from Gann Angle

By | September 23, 2019
  • As Discussed in Last Analysis Bulls now need to move above 29160  for a move back to 29430/29710/29791. Any close above 29160 can see quick move towards 29791. Bears have there chance below 28800 for a move back towards 28656/28512/28376. We opened with gap up,Now Bulls need a close above 30700 for upmove to continue towards 31000/31360/31600. Bears will get active below 30370 for a move back to 30000/29800/29500. Till we are holding 29971 for we can need rally towards 31800-32000.

  • Bank Nifty Sep Future Open Interest Volume is at 12.2 lakh with liquidation of 1 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @27807 closed above it.
  • 31000 CE is having highest OI @5.1 Lakh resistance at 31000 followed 30800.30000-31000 CE added 4.4 Lakh in OI so bears added position in the zone of 30800-31000.
  • 30000 PE is having highest OI @5.1 Lakh, strong support at 30300  followed by 31000.30000-31000 PE added 103 K Lakh OI so bulls making support in the range of 28500-28800.

Buy above 30600 Tgt 30800,30960 and  31104 (Bank Nifty Spot Levels)

Sell below 30370 Tgt 30240,30096 and 29952  (Bank Nifty Spot Levels)

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