Bank Nifty corrects from Gann Angle Resistance,EOD Analysis

  • As discussed in Last Analysis   Now if we close above 21700 we can see next move towards 21797 which is an important resistance zone and above it fast move towards 22000-22100. Bearish below 21500 for a move towards 21400/21350. We were able to capture a 800 pointer from 20870, When price and time meets it creates a fast move thats where gann helps us in keeping ahead of the curve. High made today was 21574 and low made was 21414 so as soon 21500 was broken bulls were on backhand and bears moved till 21414 near our target of 21400. Bulls need to cross above 21700 which is gann angle resistance as shown in below chart. Strong support in range of 21330-21374 and till we are trading below 21500 bears can see move till 21330. Bullish only on close above 21700.  Is THIS Holding You Back?

  • Bank Nifty April Future Open Interest Volume is at 26.1 lakh with addition of 3.2 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @21316, closed above it and Rollover % at 65.2
  • 21500 CE is having highest OI @5.5 Lakh resistance at 21500. 20000-22000 CE saw addition of 1.52 lakh in OI suggesting bears are still holding on 21500.
  • 21000 PE is having highest OI @3.6 Lakh, strong support at 21000 followed by 20800, Bulls added 1.71 Lakh position in OI in range of 20000-22000 .

Buy above 21480 Tgt 21540,21630 and 21720 (Bank Nifty Spot Levels)

Sell below 21370 Tgt 21320,21230 and 21120 (Bank Nifty Spot Levels)

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