Will Bank Nifty Bulls able to Hold Gann Angle Support ?

  • As discussed in last analysis   We are near gann angle support as shown in below chart bulls need to move above 23150 for a move back to 23310/23500. Bears below 22900 can move towards 22720/22555/22350. Bulls failed to move above 23150, and bears once below 22900 did 1 target on downside and now waiting for 22555/22350 levels. Bulls need to move above 23000 for a move back to 23150/23310/23500.

  • Bank Nifty Sep Future Open Interest Volume is at 14.6 lakh with addition of 1.35 Lakh, with increase in Cost of Carry suggesting short  positions were addded today. Bank nifty Rollover cost @23392 closed below it.
  • 23000 CE is having highest OI @13 Lakh resistance at 23000 followed 23500.23000-26000 CE added 24 Lakh in OI so bears added position in the zone of 24500-26000
  • 22300 PE is having highest OI @16 Lakh, strong support at 22300 followed by 22000.23000-25000 PE added 3 Lakh OI so bulls making support in the range of 23300-23000.

Buy Above 22780 Tgt 22852,22991 and 23150 (Bank Nifty Spot Levels)

Sell Below 22630 Tgt 22529,22393 and 22146 (Bank Nifty Spot Levels)

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