Bank Nifty continue to hold on to Gann Angle,EOD Analysis

  • As discussed in Last Analysis  Bank Nifty moved between the gann angles as shown in below chart, Breakout/breakdown will come when we either break 23100 on downside for a move towards 22900/22600. Breakout above 23476 for a move above 23630/23876. Bank Nifty broke 23100 made low of 22996 failed to do our target of 22900,recovered and close above 23100 holding on to gann angles, Bulls will be breakout above 23254 for a move towards 23460/23630. Bearish below 23100 for a move 22900/22620. Oh, life relax please!

  • Bank Nifty June Future Open Interest Volume is at 24.1 lakh with addition of 1.4 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @23361, closed below it. Rollover % is at 67.3.
  • 23500 CE is having highest OI @5.7 Lakh resistance at 23500 followed 23700. 22500-24500 CE added 3.2 lakh so Bears added position in 23500-23700 range, making a strong grip over 23500 start of the series.
  • 23000 PE is having highest OI @8.9 Lakh, strong support at 23000 followed by 22500, Bulls added 3.5 Lakh position in OI in range of 23000-22500 making strong base in range of 23000-22800.

Buy above 23260 Tgt 23320,23410 and 23500 (Bank Nifty Spot Levels)

Sell below 23120 Tgt 23050,22950 and 22800 (Bank Nifty Spot Levels)

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