Bank Nifty Stuck in Gann Angle,EOD Analysis

  • As Discussed in Last Analysis  Bank 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 Nifty opened gap down below 26496 but quickly recovered and as soon as closed above 26640 gave  a small rally but failed to do target of 26744 as  high made was 26712, so range bound move continues and also same is visible in below gann angle 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 9:57/1:57. H + W + P = E Formulae for Trading Success

  • Bank Nifty June Future Open Interest Volume is at 21.8  lakh with liquidation of 3.3 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @26408 closed above it.
  • 27000 CE is having highest OI @21.3 Lakh resistance at 27000 followed 27300.26000-28000 CE added 4.6 Lakh in OI so bears added  position at higher level  still resistance in range of 26800-27000.

 

  • 26000 PE is having highest OI @9.4 Lakh, strong support at 26400  followed by 26200.26000-28000 PE  liquidated 0.45  lakh in OI so bulls having strong support in range of 26300-26400.

 

Buy above 26640 Tgt 26720,26830 and 26920 (Bank Nifty Spot Levels)

Sell below 26550 Tgt 26450,26350 and 26210 (Bank Nifty Spot Levels)

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