Bank Nifty continue to hold gann angle in volatile move

  • As discussed in Last Analysis   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. Bank Nifty made high of 22900 doing our target as discussed. Also Low made was 22628, so bulls were able to protect 22600 and close above 22700 suggesting bulls are still in game as bank nifty holding on to gann angles, 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. Money is a Lot Like Water

  • Bank Nifty May Future Open Interest Volume is at 33.1 lakh with liquidation of 1.9 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @22035, closed above it.
  • 23000 CE is having highest OI @12.6 Lakh resistance at 23000 followed 22500. 22000-24000 CE saw addition of 6.8 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 6.8 Lakh position in OI in range of 22000-23500 making strong base in range of 22300-22500.

Buy above 22700 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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