Bank Nifty Bulls Bear in tug of war at gann angle

  • As discussed in Last Analysis   Bulls above 22800 can see next move towards 22940/23110. Bearish below 22600 only, As per time analysis expect a trending move in next 2 days. Bank Nifty opened gap up above 20800 and made high of 22918 not giving opportunity to bulls to enter, bears also were not able to break 20600 near the gann angle support so we remain in the range. Bears below 22600 can push bank nifty towards 20450/20300. Bullish above 22740 for a move towards 22900/23110.   Money is a Lot Like Water

  • Bank Nifty May Future Open Interest Volume is at 30.7 lakh with liquidation of 2.3 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @22035, closed above it.
  • 23000 CE is having highest OI @14.4 Lakh resistance at 23000 followed 22900. 22000-24000 CE saw addition of 12.2 lakh in OI suggesting bears  added in 23300-23100 range.
  • 22000 PE is having highest OI @10.8 Lakh, strong support at 22000 followed by 21800, Bulls added 2 Lakh position in OI in range of 22000-24000 making strong base in range of 22300-22500.

Buy above 22690 Tgt 22730,22800 and 22920 (Bank Nifty Spot Levels)

Sell below 22620 Tgt 22560,22450 and 22350 (Bank Nifty Spot Levels)

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3 thoughts on “Bank Nifty Bulls Bear in tug of war at gann angle”

  1. your analysis help many peoples to earn from F&O market(mainly in banknifty&nifty).please help me to give a answer..that when your analysis release time and index based on cash or future index?

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