Bank Nifty holds the gann angle, Will it bounce again ?

  • As discussed in Last Analysis    Bulls need a close above 22940 for next move towards 23110. Strong support in range of 22680-22700. Bearish on close below 22600 for a move towards 22450/22300. Low made today was 22660 and close was at 22700 so bulls were able to hold the low of gann angles, holding the same we can bounce back towards 22820/22940/23110. Bearish below 22600 for a move towards 22500/22350. Why Do Traders Lose Money Part -I?

  • Bank Nifty May Future Open Interest Volume is at 35 lakh with liquidation of 0.97 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 @11.9 Lakh resistance at 23000 followed 22500. 22000-24000 CE saw addition of 9.3 lakh in OI suggesting bears  added in 23300-23100 range.
  • 22000 PE is having highest OI @11.1 Lakh, strong support at 22000 followed by 21800, Bulls added 6.8 Lakh position in OI in range of 22000-23500 making strong base in range of 22300-22500.

Buy above 22740 Tgt 22800,22900 and 22970 (Bank Nifty Spot Levels)

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

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