Bank Nifty rallies 1100 point as per Gann Time Cycle

  • As Discussed in Last Analysis We have seen effect of  W D Gann time cycle we have rallied almost 700 points in 2 trading sessions, Now Bulls need to move above 28500-28556 which is a major resistance zone for a move back to 28656/28900. 28900 done We were able to ride rally from 27790 to 28900 a rally of 1110 in just 3 days based on WD Gann 10 Year Cycle. Range of 28900-28944 is important supply zone, Closing above it can see quick move to 29088/29232/29376. Bearish only below 28800 for a move back to 26656/26500.

  • Bank Nifty March Future Open Interest Volume is at 24.8 lakh with addition of 0.23 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @27064  closed above it,Low made Friday was 27051 and rallies 1900 points
  • 29000 CE is having highest OI @1.9 Lakh resistance at 29000  followed 29200.  27000-29000 CE liquidated 1 Lakh in OI so bears  covered position  in the zone of 29000-29200.
  • 28500 PE is having highest OI @3.2 Lakh, strong support at 28500 followed by 28000.26000-28000 PE added 4.1 Lakh OI so bulls making strong support in the range of 28500-28600.

Buy above 28930 Tgt 29000 ,29070 and 29159 (Bank Nifty Spot Levels)

Sell below 28810  Tgt 28734,28650 and 28564 (Bank Nifty Spot Levels)

Upper End Of Expiry: 29115

Lower End of Expiry: 28653

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