Bank Nifty Bounces 350 points from Time Cycle Low

  • As discussed in Last Analysis   17 June is important trend change date as per geometric time cycle as it being holiday we should see effect either tomorrow or Monday. Nifty bears got whipsawed again as we discussed, Prices again bounced from gann angles as shown in below chart and also closed above 23477 and now heading towards 23760/23900. Bearish below 23400 for a move towards 23300/23150/23000. As we discussed 17 June is important trend change day so low made on Friday is important ie.23391 holding the same we can continue to move higher towards our target.  So we saw the effect of  Geometric time cycle with Bank Nifty up by 250 points and in process doing our 1 target of 23760, Now bulls should hold for 23500 for further move towards 23960/24144. Bearish below 23400 for a move towards 23300/23150/23000.  What Stock Trader can Learn from Doctor

  • Bank Nifty June Future Open Interest Volume is at 24.3 lakh with liquidation of 0.73 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 @5.4 Lakh resistance at 23700 followed 24000. 22500-24500 PE liquidated 0.91 lakh so Bears covered there position at 23400-23500 range.
  • 23000 PE is having highest OI @10.5 Lakh, strong support at 23000 followed by 22800, Bulls liquidated 1 Lakh position in OI in range of 22500-24500 making strong base in range of 23000-23200.

Buy above 23800 Tgt 23850,23965 and 24110 (Bank Nifty Spot Levels)

Sell below 23680 Tgt 23600,23520 and 23400 (Bank Nifty Spot Levels)

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