Bank Nifty near Gann Support

  • As Discussed in Last Analysis  Now Bulls need a close above 30683 for a move towards 30858/31000. Bears will get active below 30500 for a move back to 30333/30160/30000. High made was 30652 so Bulls were not able to move above 30683 and below 30500 bears had upper hand and pushed bank nifty towards 30333. Tomorrow is important time cycle date so possibility of a short term bounce if we held on to 30154-30180 range. Bulls will get active above 30333 for a move towards 30500/30683/30858. Bears will get active below 30130 for a move back to 30000/29800. Why Traders Lose Discipline

  • Bank Nifty June Future Open Interest Volume is at 16.4 lakh with liquidation of 1.77 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @31540 closed below it.
  • 31500 CE is having highest OI @3.5 Lakh resistance at 31000  followed 31500.  30000-32000 CE added 1.3 Lakh in OI so bears added in the zone of 31000-31500.
  • 30000 PE is having highest OI @2.5 Lakh, strong support at 30000 followed by 30200.30000-32000 PE liquidated 0.84 Lakh OI so bulls making strong support in the range of 30000-30200.

Buy above 30302 Tgt 30389,30477 and  30564 (Bank Nifty Spot Levels)

Sell below 30230 Tgt 30130,30042 and 29955 (Bank Nifty Spot Levels)

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