Bank Nifty Bulls again fail to break gann angle,EOD Analysis

  • As discussed in Last Analysis    Low made was 24301 and high made was 24422 so bank nifty remained in our range and no breakout and breakdown happened and today close is near an important gann angle as shown in below chart if 24480 is not broken we can downfall back to 24000, As new time cycle started from today so break of 24510 we can see move towards 24686/24920. Bearish below 24200 for a move towards 24000/23800. Bank Nifty finally broke the range on downside and effect of time cycle was seen today combined with resistance at gann angle as shown in below gunner chart with the break of 24200 low made was 24103 and closed below 24200, so we can see move towards 23963/23830/23755. Bullish above 24510 only.   Overcoming Emotions As A Day Trader

 

 

  • Bank Nifty Aug Future Open Interest Volume is at 14.7 lakh with addition of 0.44 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24665 closed below it.
  • 24500 CE is having highest OI @11.3  Lakh resistance at 24500 followed 25000. 23500-26000 CE added 7.4 lakh so bears huge  position  in 24300/24500 CE.
  • 24000 PE is having highest OI @12.3 Lakh, strong support at 24000 followed by 23800, Bulls liquidated 7.1 Lakh position in OI in range of 24000-26000 with major liquidation coming in 24000-24300 PE.

Buy above 24200 Tgt 24265,24330 and 24410(Bank Nifty Spot Levels)

Sell below 24100 Tgt 24050,23970 and 23830 (Bank Nifty Spot Levels)

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