Bank Nifty does 23720 breaking gann angle,EOD Analysis

  • As discussed in Last Analysis   Close above todays high 23540  will lead to breakout in  Bank Nifty for next move towards 24000 as shown in below chart, Low made today was 23400 and high made was 23492 so bank nifty formed an inside bar pattern. Bullish above 23540 for a move towards 23630/23720/23900.  Bearish below 23300 for a move towards 23184/23040. 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. The Confident Trader

  • Bank Nifty June Future Open Interest Volume is at 26.8 lakh with addition of .82 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @23361,closed above and did 400 points.
  • 23500 CE is having highest OI @5.8 Lakh resistance at 23500 followed 23700. 22500-24500 CE liquidated 0.19 lakh so Bears covered  partial position in 23500-23700 range,losing  the grip over 23500.
  • 23000 PE is having highest OI @11.7  Lakh, strong support at 23000 followed by 22500, Bulls added 2.6 Lakh position in OI in range of 22500-24500 making strong base in range of 23000-22800.

Buy above 23720 Tgt 23800,23920 and 24020 (Bank Nifty Spot Levels)

Sell below 23640 Tgt 23560,23470 and 23300 (Bank Nifty Spot Levels)

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