Bank Nifty continue to flirt with Gann Angle,EOD Analysis

  • As discussed in Last Analysis  Bulls needs to hold the range of 23280-23300 for the upmove towards 23600-23700. Bearish below 23000 for a move towards 22800-22500. Low made was 23224 but closed above 23310 so bulls held on to the range of 23280-23300 and also held the gann angle as shown in below chart, so the range bound move continues which is good as we are digesting gains made on May expiry day, and also holding on to important level as discussed. Bulls holding 23300 can see another upmove towards 23450-23500/ 23669. Bearish below 23100 for a move towards 22800-22500. The importance of doing “No Trade”

  • Bank Nifty June Future Open Interest Volume is at 31.1 lakh with liquidation of 0.89 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @22660, closed above it.
  • 23500 CE is having highest OI @9.9 Lakh resistance at 23500 followed 23700. 22500-24500 CE saw liquidation of 0.35 lakh in OI suggesting bears  liquidated partial position in 23500-24000 but still strong resistance in this range.
  • 22500 PE is having highest OI @6.3 Lakh, strong support at 22500 followed by 23000, Bulls added 0.42 Lakh position in OI in range of 22500-24500 making strong base in range of 23000-22800.

Buy above 23330 Tgt 23390,23480 and 23570 (Bank Nifty Spot Levels)

Sell below 23310 Tgt 23140,23050 and 22870 (Bank Nifty Spot Levels)

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