Nifty Bank Gann Analysis for Monthly Expiry

  • As discussed in last analysis Now Bulls need to close above 22330 for a move back to 22640/22870/23110. Bears will get active below 21940 for a move back to 21720/21490.We are near Important gann angle resistance as shown in below chart. Once 21940 broken bears had upper hand and did all target on downside,Price reacted from gann angle resistance as we have discussed. Now bulls need to move above 21600 for a move back to 21750/21950/22100. Bears will get active below 21300 for a move back to 21050/20800.

  • Bank Nifty July Future Open Interest Volume is at 5.3  lakh with addition of 2.6 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @18001 closed above it
  • 22000 CE is having highest OI @14 Lakh resistance at 21500 followed 22000.20000-23000 CE added 18.4 Lakh in OI so bears added position in the zone of 21500-22000.
  • 21000 PE is having highest OI @12 Lakh, strong support at 21000 followed by 20500.20000-23000 PE added 4 Lakh OI so bulls making support in the range of 21000-21500.

Buy Above 21600 Tgt 21747,21900 and 22100 (Bank Nifty Spot Levels)

Sell Below 21330 Tgt 21130,21000 and  20800 (Bank Nifty Spot Levels)

Upper End of Expiry : 21762

Lower End of Expiry : 21089

Leave a Reply