Bank Nifty Bounces from Gann Angle

  • As discussed in last analysis   Now Bears need to break 21000 for a move back to 20890/20736/20449. Bulls will get active above 21316 for a move back to 21463/21609/21800. Low made was 21057 and once above 21316 did 1 target on upside now till we are holding 21375 bulls can rally towards 21609/21800/22000. Bears will get active below 21300 for a move back to 211575/21000/20800. 

  • Bank Nifty Aug Future Open Interest Volume is at 13.9 lakh with liqudiation  of 1.6 Lakh, with decrease in Cost of Carry suggesting short positions were closed  today. Bank nifty Rollover cost @22013 closed below it.
  • 22000 CE is having highest OI @14 Lakh resistance at 22000 followed 22300.20000-23000 CE added 12 Lakh in OI so bears added position in the zone of 22000-22500.
  • 20500 PE is having highest OI @16 Lakh, strong support at 20500 followed by 21000.20000-22000 PE added 12 Lakh OI so bulls making support in the range of 20500-20800.

Buy Above 21576 Tgt 21692,21850 and 22000 (Bank Nifty Spot Levels)

Sell Below 21374 Tgt 21250,21150 and 21000 (Bank Nifty Spot Levels)

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