Bank Nifty give perfect bounce from Gann Angle

  • As Discussed in Last Analysis  Now Bears need to break 26490 for a down move to continue towards 26360/26225/26060. Bullish above 26800 for a move towards 26930/27071. Bank Nifty Bears got stopped out and took exact support at gann angle as shown in below chart, We gave levels on Twitter which worked perfectly. As we have expiry tomorrow Bulls need a close above 27071 for a move towards 27225/27360. Bearish below 26920 for a move towards 26800/26666. Important intraday time for reversal can be at 12:08/3:03.  How to Deal With Fear in Trading

  • Bank Nifty Dec Future Open Interest Volume is at 10.4 lakh with liquidation of 3.4 Lakh, with increase in Cost of Carry suggesting Long positions were added today. Bank nifty Rollover cost @26532 closed above it.
  • 27300 CE is having highest OI @4.2 Lakh resistance at 27300  followed 27500.  26000-28000 CE liquidated 18.3 Lakh in OI so bears covered major position  in the zone of 26800-27000.
  • 26500 PE is having highest OI @8.9 Lakh, strong support at 26800 followed by 26500.26000-28000 PE added 3.8 Lakh OI so bulls making strong support in the range of 26500-26400.

Buy above 27000 Tgt 27071,27150 and 27225 (Bank Nifty Spot Levels)

Sell below 26900 Tgt 26810,26700 and 26586 (Bank Nifty Spot Levels)

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2 thoughts on “Bank Nifty give perfect bounce from Gann Angle”

  1. Hi Bramesh sir,
    Very Good afternoon
    What time scale we should generally use while drawing gann angles. and how many angle we should draw.

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