Bank Nifty Bulls rallies holding Gann Angle

  • As discussed in Last Analysis   Low made today was 23163 so bulls protected gann angle again.Bulls should target now 23460/23630 till we are holding the gann angle and also 23100. Bearish below 23100 for a move 22900/22620. As per time cycle analysis we should see impulsive move in next 1-2 days. Low made today was 23205 so bank nifty bulls again protected gann angle as shown in below chart,High made was 23380 still not doing out first target of 23460, hopefully should be done by tomorrow. Any close above 23460 can see next upmove towards 23630. Bearish only on close below 23100.   Things that Damage Your Trading Account

  • Bank Nifty June Future Open Interest Volume is at 24.5 lakh with addition of 0.46 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @23361,closed above it.
  • 23500 CE is having highest OI @5.3 Lakh resistance at 23500 followed 23700. 22500-24500 CE added 0.82 lakh so Bears added partial position in 23500-23700 range,still holding the grip over 23500.
  • 23000 PE is having highest OI @10.7  Lakh, strong support at 23000 followed by 22500, Bulls added 2.3 Lakh position in OI in range of 22500-24500 making strong base in range of 23000-22800.

Buy above 23370 Tgt 23420,23490 and 23590 (Bank Nifty Spot Levels)

Sell below 23300 Tgt 23240,23160 and 23070 (Bank Nifty Spot Levels)

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1 thought on “Bank Nifty Bulls rallies holding Gann Angle”

  1. Excellent work by you sir, My day starts with yours figure on the paper. Keep it up.

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