Bank Nifty continue to made life high holding Gann Level

By | June 10, 2017 7:33 am
  • As discussed in Last Analysis   Now bank nifty bulls should hold the range of 23450-23472 for next upmove towards 23760/23904. Bearish below 23400 for a move towards 23300/23170/23000.As per Geometric Time Analysis we should see good move in bank nifty in next 2 trading sessions.  Low made today was 23476 so bulls protecting the lower end of 23472 and continue to move higher  towards 23760/23904 and we got the expected move as per geometric cycle. High made today was 23710 so we are nearing in our next target of 23760. Bearish below 23400 for a move towards 23300/23170/23000. Mind over matter

  • Bank Nifty June Future Open Interest Volume is at 28 lakh with liquidation of 0.13 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @22660, closed above it.
  • 24000 CE is having highest OI @3.9 Lakh resistance at 23700 followed 24000. 22500-24500 PE added 0.34 lakh so Bears continue to add position at higher level above 24000.
  • 23000 PE is having highest OI @9.3Lakh, strong support at 23000 followed by 22800, Bulls added 1.8 Lakh position in OI in range of 22500-24500 making strong base in range of 23000-23200.

Buy above 23710 Tgt 23770,23860 and 23950 (Bank Nifty Spot Levels)

Sell below 23600 Tgt 23540,23450 and 23320 (Bank Nifty Spot Levels)

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Category: Bank Nifty Time Cycle

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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