Bank Nifty rallies 600 points holding gann support,EOD Analysis

  • As discussed in Last Analysis  Now break above 21900 can see quick move towards 22000/22136. Bearish below 21500 for a move towards 21350.  Bank nifty opened with gap up moved above the gann angle and now is heading towards 1 gann resistance of 22136 and above that 22325. Its been 1 way ride above 21600 and we are up 600 points in 2 trading session. Now strong support in range of 21850-884. Below this we can fall towards 21600.  How to survive as a full time trader

  • Bank Nifty April Future Open Interest Volume is at 25.4 lakh with liquidation of 4.4 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @21316, closed above it and Rollover % at 65.2
  • 22000 CE is having highest OI @6.7 Lakh resistance at 22000. 21500-22500 CE saw liquidation of 1.6 lakh in OI suggesting bears panicked and covered good amount of OI in range of 21700-22000.
  • 21500 PE is having highest OI @9.4 Lakh, strong support at 21500 followed by 21300, Bulls added 11.4  Lakh position in OI in range of 21500-22500 .

Buy above 22070 Tgt 22136,22200 and 22288 (Bank Nifty Spot Levels)

Sell below 21980 Tgt 21920,21820 and 21750 (Bank Nifty Spot Levels)

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