Gann Time Cycle Effect: Bank Nifty Crash 800 points

  • As Discussed in Last Analysis High made was 22470 so bulls unable to break 22525 and bears once below 22250 did 22800 on downside and we have closed below the Mars Retrograde low of 22080 suggesting bears have upper hand and can push bank nifty towards 21800/21500/21300. Bulls will get active above above 22225 for a move back to 22400/22779. We saw the effect of Gann Time Cycle as again 21 Sep we saw the big fall as discussed in details in below video. Bears were able to do 21300 on downside once the Mars Retrograde low of 22080 was taken out. 21168 should be watched very closely for this week. Bears need to break 21168-21150 for a move towards 21000/20736/20449/20164. Bulls will have there chance above 21500 for a move back to 21666/21885/22000.

  • Bank Nifty Sep Future Open Interest Volume is at 15.3 lakh with liquidation of 0.05Lakh, with increase in Cost of Carry suggesting short  positions were closed today. Bank nifty Rollover cost @23392 closed below it.
  • 22000 CE is having highest OI @11 Lakh resistance at 22000 followed 22500.21000-23000 CE added 22 Lakh in OI so bears added position in the zone of 22500-22800
  • 21000 PE is having highest OI @12 Lakh, strong support at 21000 followed by 20500.21000-24000 PE added 15 Lakh OI so bulls making support in the range of 21000-20500.

Buy Above 21475 Tgt 21580,21686 and 21885 (Bank Nifty Spot Levels)

Sell Below 21250 Tgt 21061,20900 and 20755 (Bank Nifty Spot Levels)

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