Bank Nifty Corrects 400 points on Break of Gann Angle

  • As Discussed in Last Analysis Bulls got whipsawed but bears did the low of 27045 near our 2 target of 27000 and we also got big move as per expectation Bulls will get active above 27210 for a move back to 27300/27433/27540. Bears will get active below 26990 for a move back to 26920/26774.  Once 26990 was broken Bears were able to achive all target on downside and also as per time cycle we got big move. Now Bears need to break 26600 for a move towards 26500/26352. Range of 26320-26350 is strong support zone, Bulls will get active only above 26800 for a move back to 26920/27045.Intraday time for reversal can be at 9:17/1:42/2:42. Is Trading the most difficult profession ?

  • Bank Nifty Jan Future Open Interest Volume is at 14.2 lakh with liquidation of  3.2 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @27033 closed above it.
  • 27500 CE is having highest OI @11.2 Lakh resistance at 27000  followed 27300.  26000-28000 CE added 16.2 Lakh in OI so bears added  position  in the zone of 27500-27800.
  • 26500 PE is having highest OI @6.9 Lakh, strong support at 26500 followed by 26300.26000-28000 PE liquidated 3.3 Lakh OI so bulls making strong support in the range of 26900-27000.

Buy above 26700 Tgt 26780,26920and 27000 (Bank Nifty Spot Levels)

Sell below 26610 Tgt 26500,26420 and 26320 (Bank Nifty Spot Levels)

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