Bank Nifty hit life high holding gann angle,EOD Analysis

  • As discussed in Last Analysis  Bank Nifty bounced from the gann angle support low made today was again 21396  and closed above 21500 suggesting bulls used gann angle support of 21397 to bounce back, Now holding above 21500 we can see move towards 21620/21700. Bearish below 21390 for a move towards 21250/21100Bank Nifty did the target of 21700 as we are expecting as it took support at gann angles and also closed above the 21500 and traders were able to capture today’s trending move. Now bulls need to hold to 21500 level for next move towards 21950-22000. Bearish on close below 21400. Secret of Successful Traders :Be Imperfect

  • Bank Nifty April Future Open Interest Volume is at 30.3 lakh with addition of 0.78 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @21316, closed above it and Rollover % at 65.2
  • 22000 CE is having highest OI @5.4 Lakh resistance at 22000. 20500-22500 CE saw addition of 1.37 lakh in OI suggesting bears adding in range of 21800-22000.
  • 21500 PE is having highest OI @63 Lakh, strong support at 21300 followed by 21000, Bulls added 1.6 Lakh position in OI in range of 20500-22500 .

Buy above 21760 Tgt 21820,21880 and 21950 (Bank Nifty Spot Levels)

Sell below 21640 Tgt 21560,21480 and 21390 (Bank Nifty Spot Levels)

Click Here to Like Facebook Page get Real time updates

Click Here to Join me on Twitter

Leave a Reply