Bank Nifty rallies towards life high holding gann angle

  • As discussed in Last Analysis We are in netural zone till we break the range of 21350-21600 suggesting both bulls and bears are on sidelines, Breakout of this range can give fast move of 250-300 points. Buy above 21600 for a move towards 21800-21850, Breakdown below 21350 for a move towards 21150-21100. As soon as 21600 was broken bulls were on front foot and did the target of 21850, high made was 21884 again gann keep trades 1 step ahead and most of blog readers would have enjoyed todays rally. Now break above 21900 can see quick move towards 22000/22136. Bearish below 21500 for a move towards 21350.  Becoming a Forgiving Person: Aikido Surprise

  • Bank Nifty April Future Open Interest Volume is at 29.9 lakh with addition of 1.1 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @21316, closed above it and Rollover % at 65.2
  • 22000 CE is having highest OI @6.9 Lakh resistance at 22000. 20500-22500 CE saw liquidation of 3.7 lakh in OI suggesting bears panicked and covered good amount of OI in range of 21700-22000.
  • 21500 PE is having highest OI @8.7 Lakh, strong support at 21500 followed by 21300, Bulls added 13.5  Lakh position in OI in range of 20500-22500 .

Buy above 21900 Tgt 21970,22050 and 22136 (Bank Nifty Spot Levels)

Sell below 21740 Tgt 21670,21580 and 21350 (Bank Nifty Spot Levels)

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