Bank Nifty stage small rally Holding Gann Angle

  • As Discussed in Last Analysis We have important time cycle date tomorrow and Weekly Expiry.Bulls will become active above 30610 for a move towards 30721/30816/30960. Bears will become active below 30340 for a move back to 30240/30150/30000. Low made was 30565 and once above 30610 we did our 1 target of 30721. Till we are holding 30610 we can rally towards 30816/30960. Big Resistance in zone of 30960-31000. Bears will become active below 30550 for a move back to 30341//30150. As per time cycle break of today high and low can easily give 250-300 points.

  • Bank Nifty July Future Open Interest Volume is at 17.2 lakh with liquidation of 0.53 Lakh, with decrease in Cost of Carry suggesting short  positions were closed today. Bank nifty Rollover cost @31207 closed below it and big fall.
  • 31000 CE is having highest OI @3.2 Lakh resistance at 31000  followed 31500. 30000-32000 CE added 0.97 Lakh in OI so bears added position in the zone of 31000-31500.
  • 30000 PE is having highest OI @3 Lakh, strong support at 30500 followed by 30300.30000-32000 PE added 1.16 Lakh OI so bulls making strong support in the range of 30300-30500.

Buy above 30781 Tgt 30868,30956 and  31044 (Bank Nifty Spot Levels)

Sell below 30605 Tgt 30520,30431 and 30259 (Bank Nifty Spot Levels)

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