Bank Nifty crashes as unable to cross 23489 Gann Number

  • As discussed in last analysis 21952 and 23489 are 2 important number which needs to be watched for next 1000-1500 points move in bank nifty. Today is an important astro date. Bank Nifty bulls need to mvoe above 23489 for a move back to 23780/24000/24300. Bears will get active below 23000 for a move back to 22500/21952. High made was 23449 so bulls unable to cross 23489 and we made low of 22002 so we got our 1500 points from 23489 this is beauty of gann number, Now we are near 21952 holding the same we can see bounce back towards 22345/22700/23000. Bears will get active below 21952 for a move back to 21500/21000.

  • Bank Nifty March Future Open Interest Volume is at 11.4 lakh with addition of 0.02 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @30428 closed below it.
  • 23000 CE is having highest OI @18  Lakh resistance at 23000  followed 23500.22000-25000 CE added 31  Lakh in OI so bears added position in the zone of 22500-23000.
  • 21500 PE is having highest OI @8 Lakh, strong support at 21500 followed by 21000.21000-22000 PE added 11 Lakh OI so bulls making support in the range of 21000-21500.

Buy above 22350 Tgt 22500,22700 and  23000 (Bank Nifty Spot Levels)

Sell below 22100 Tgt 21952,21600 and 21300 (Bank Nifty Spot Levels)

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