Bank Nifty again held to its Gann Angle,EOD Analysis

  • As discussed in Last Analysis    Low made was 23651 and high made was 23760 so bank nifty traded in small range and protected 23500 and also formed NR7 pattern, Also we are approaching crucial time cycle day for bank nifty on 21-22 June so traders should be ready for good move in bank nifty in next 2-3 days. Bullish above 23760 for a move towards 23904/24048/24144. Bearish below 23616 for a move towards 23474/23328/23150.  Low made today was 23610 and High 23760 so bank nifty continue to trade in the range as we mentioned not breaking any 1 of them so we were in no trade zone. If we hold today low of 23610 than we have a price time squaring and it generally leads to good move on. Bullish above 23760 for a move towards 23904/24048/24144. Bearish below 23616 for a move towards 23474/23328/23150.  What Stock Trader can Learn from Doctor

  • Bank Nifty June Future Open Interest Volume is at 23.3 lakh with liquidation of 0.87 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @22660, closed above it.
  • 24000 CE is having highest OI @6.9 Lakh resistance at 23700 followed 24000. 22500-24500 PE added 3.2 lakh so Bears added position in 23700-24000 range.
  • 23000 PE is having highest OI @11.7 Lakh, strong support at 23000 followed by 22800, Bulls added 5.5 Lakh position in OI in range of 22500-24500 making strong base in range of 23000-23200.

Buy above 23720 Tgt 23800,23865 and 23950 (Bank Nifty Spot Levels)

Sell below 23600 Tgt 23550,23480 and 23400 (Bank Nifty Spot Levels)

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