Bank Nifty forms Outside Bar at Gann Angle Resistance

  • As discussed in last analysis  Now as we have Mercury Ingress today and also near gann angle resistance which generally lead to big move in Index so we should see big move in Next 2 days. bulls need to move above 19600 for a move back to 19887/20100/20324/20555. Bears will get active below 19250 for a move towards 19000/18650. Bank Nifty open with gap up so bulls did not got chance but bears were able to capture 1 target on downside below 19250. We have weekly expiry tommrow Bulls need to move above 19200 for a move 19480/19683/19900. Bears will get active below 18913 for a move back to 18776/18500/18225.

  • Bank Nifty April Future Open Interest Volume is at 12.5 lakh with addition of 1.7  Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @17939 closed above it
  • 20000 CE is having highest OI @4.4  Lakh resistance at 20000 followed 20300.19000-20000 CE added 19 Lakh in OI so bears added position in the zone of 19500-20000.
  • 18000 PE is having highest OI @3.3 Lakh, strong support at 18500 followd by 18000.17000-19000 PE added 3 Lakh OI so bulls making support in the range of 18000-18500.

Buy above 19200 Tgt 19340,19480  and  19683 (Bank Nifty Spot Levels)

Sell below 18910 Tgt 18776,18561 and 18300  (Bank Nifty Spot Levels)

Upper End of Expiry : 19553

Lower End of Expiry:  18561

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