Bank Nifty Forms DOJI near Gann Angle

  • As discussed in last analysis  All Bearish target done on downside,As Mars is going to retrograde today so good move will be seen in bank nifty. Bulls need to move above 22520 for a move back to 22774/22995. Bears will active below 22200 for a move back to 22046/21850. Bank Nifty broken the gann angle and closed below it for 2 day in a row, Bears need to break below 22200 for a move back to 22046/21850.Bulls will get active above 22555 for a move back to 22700/22900.

  • Bank Nifty Sep Future Open Interest Volume is at 14.1 lakh with liquidation of 0.98 Lakh, with decrease in Cost of Carry suggesting short  positions were closed today. Bank nifty Rollover cost @23392 closed below it.
  • 23000 CE is having highest OI @5 Lakh resistance at 23000 followed 23500.22000-23000 CE added 7 Lakh in OI so bears added position in the zone of 22500-22800
  • 22000 PE is having highest OI @3.5 Lakh, strong support at 22200 followed by 22000.22000-24000 PE added 4 Lakh OI so bulls making support in the range of 22200-22000.

Buy Above 22500 Tgt 22610,22721 and 22910 (Bank Nifty Spot Levels)

Sell Below 22222 Tgt 22100,22007 and 21888 (Bank Nifty Spot Levels)

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