Bank Nifty break gann angle,EOD Analysis

  • As discussed in Last Analysis Bank Nifty did the high of 21947 and did the 2 target of 21920, but saw the correction by the end of the day to close below 21700. Now bulls need to hold on to 21600 for a move towards 21900/22111. Importance of Profit booking and trailing sl.  Bearish below 21600 for a move towards 21480/21350.  Bank Nifty opened above 21600 but as soon as 21600 was broken in 1 hour of trading fall started and low made was 21470 near our target of 21480. Till be trade below 21600 we can see a move towards 21350 which is important level both as per gann price theory and gann angles. Bullish above 21700 for a move towards 21900/22111.  TIMELESS STOCK TRADING RULES of WD Gann

  • Bank Nifty April Future Open Interest Volume is at 30.5 lakh with Liquidation of 0.32 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @21316, closed above it and Rollover % at 65.2
  • 22000 CE is having highest OI @6 Lakh resistance at 22000. 20500-22500 CE saw addition of 2.8  lakh in OI suggesting bears used the fall to add good amount of OI in range of 21700-22000.
  • 21500 PE is having highest OI @6.8 Lakh, strong support at 21300 followed by 21000, Bulls liquidated 1.2 Lakh position in OI in range of 20500-22500 .

Buy above 21600 Tgt 21680,21740 and 21810 (Bank Nifty Spot Levels)

Sell below 21540 Tgt 21460,21350 and 21200 (Bank Nifty Spot Levels)

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