Bank Nifty continue to face resistance at gann angle,EOD Analysis

  • As Discussed in Last Analysis  Bear got active below 26450 and low made was 26364 near our target of 26352 and once 26555 was taken our rallied and did 2 target, so we got the range expansion on gann time analysis date. Now till 26640  is held bulls will have upper hand and can rally all the way towards 27200/27360/27500. Bearish below 26600 for move towards 26496/26352/26210. Nifty bulls failed to hold 26640 and bears were able to break 26600 but closed above  it partially also gann angle is proving to be a strong resistance as shown in below chart. Bullish above 26640 for a move back to 26744/26920. Bearish below 26496 for a move towards 26352/26210. Bank Important intraday time for reversal can be at 10:02/2:29. H + W + P = E Formulae for Trading Success

  • Bank Nifty June Future Open Interest Volume is at 24.8  lakh with liquidation of 3.1 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @26408 closed above it.
  • 27000 CE is having highest OI @20.3 Lakh resistance at 27000 followed 27300.26000-28000 CE added 18 Lakh in OI so bears added  position at higher level  still resistance in range of 26800-27000.

 

  • 26000 PE is having highest OI @11.2 Lakh, strong support at 26200  followed by 26000.26000-28000 PE  liquidated 2  lakh in OI so bulls having strong support in range of 26200-26300.

 

Buy above 26666 Tgt 26750,26840 and 26920 (Bank Nifty Spot Levels)

Sell below 26520 Tgt 26450,26350 and 26210 (Bank Nifty Spot Levels)

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