- As discussed in Last Analysis Bank Nifty continue to hold on to its gann angle level as shown in below chart and bounced and made the high of 23337 and closed above 23000. So Bulls bounced from gann angle and also closed above 23300 suggesting we can see a rally towards 23500-23600. Bearish below 22900 only. As we approach the monthly closing tomorrow which is also gann pressure date good move can be seen in next 2 days. High made today was 23469 almost nears our target of 23500, Bulls needs to hold the range of 23280-23300 for the upmove towards 23600-23700. Bearish below 23000 for a move towards 22800-22500. How I Deal with Trading Losses
- Bank Nifty June Future Open Interest Volume is at 32 lakh with addition of 0.24 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @22660, closed above it.
- 23500 CE is having highest OI @10 Lakh resistance at 23500 followed 23700. 22500-24500 CE saw addition of 0.86 lakh in OI suggesting bears added in 23500-24000 range strong resistance in this range.
- 22500 PE is having highest OI @5.7 Lakh, strong support at 22500 followed by 23000, Bulls added 0.67 Lakh position in OI in range of 22500-24500 making strong base in range of 23000-22800.
Buy above 23470 Tgt 23510,23600 and 23720 (Bank Nifty Spot Levels)
Sell below 23350Tgt 23290,22160 and 22080 (Bank Nifty Spot Levels)
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