- As discussed in Last Analysis As we have been discussing gann analysis gives you an extra edge as we have been discussing till 23300 is held bulls are in control and breakout above 23540 which did are 2 target today 23630/23720 and now bulls will wait for 2 target of 23900-24000. Bearish below 23300 for a move towards 23150/23000. Also the impulsive cycle at work we are up 500 points from the low made of 23254 before start of the cycle. Bank Nifty consolidated in small range today and till 23540 is held we can again head towards 23630/23720. Low made today was 23554 so bulls held on to 23540 as shown in below chart near gann angle. Bearish below 23300 for a move towards 23150/23000 What needs to be avoided to become Successful trader
- Bank Nifty June Future Open Interest Volume is at 25.9 lakh with liquidation of 0.83 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @23361,closed above and did 400 points.
- 23500 CE is having highest OI @5.1 Lakh resistance at 23500 followed 23700. 22500-24500 CE added 1.4 lakh so Bears added major position in 24000-24500 range.
- 23000 PE is having highest OI @11 Lakh, strong support at 23000 followed by 22500, Bulls added no major position in OI in range of 22500-24500 making strong base in range of 23000-23200.
Buy above 23650 Tgt 23700,23780 and 23893 (Bank Nifty Spot Levels)
Sell below 23550 Tgt 23500,23430 and 23320 (Bank Nifty Spot Levels)
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