Bank Nifty bounce from Gann Angle

  • As Discussed in Last Analysis Bank Nifty broke 28850 and bears got an upper hand and did 2 target on downside and waiting for the downside target of 28368/28224/28134. 28100-28134 is important Demand Zone. Bank  Nifty took support near gann angle and level mentioned on twitter worked perfectly and we were able to ride the whole move, Next few days will be volatile as election based news will drive the market so trade less and trade better, Today we have bounced from gann angle and for trend reversal to take place we need to see a close above 29060. Also we have important astro event lined up for next 2 days as discussed in below video. Bulls will get active above 28900 for a move towards 29040/29262/29430. Bears will get active below 28743 for a move back to 28666/28512/28368.  THE MOST NEGLECTED TRADING DISCIPLINE

  • Bank Nifty May Future Open Interest Volume is at 15 lakh with liquidation of 0.47 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @29964 closed below it.
  • 30000 CE is having highest OI @2.3 Lakh resistance at 29500 followed 29800.  28000-31000 CE added 0.24 Lakh in OI so bears added in the zone of 29300-29500
  • 29000 PE is having highest OI @6 Lakh, strong support at 28500 followed by 28300.29000-31000 PE added 0.09 Lakh OI so bulls making strong support in the range of 28500-28600.

Buy above 28900 Tgt 29000,29091 and  29225  (Bank Nifty Spot Levels)

Sell below 28800 Tgt 28666,28582 and 28450 (Bank Nifty Spot Levels)

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