Bank Nifty Analysis as it Hits Gann Angle Resistance

By | October 10, 2020
  • As Discussed in Last Analysis Bulls need to move above 23270 for a move back to 23400/23610. Bears will get active vbelow 23150 for a move back to 23020/22848/22666. All Bullish target done and we have seen a perfect view from 1 gann angle to another gann angle as seen in below chart, Now we are entering a crucial price and time zone so time to be cautious. Bulls now need to move  24025 for a move back to 24125/24400/24669. Bears once below 23610 can see 23425/23225/23000.

  • Bank Nifty Oct Future Open Interest Volume is at 16 lakh with addition of 1.1 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @21225 closed above it.
  • 24500 CE is having highest OI @8 Lakh resistance at 24300 followed 24500.23000-25000 CE added 8 Lakh in OI so bears added position in the zone of 24000-24500
  • 23500 PE is having highest OI @10 Lakh, strong support at 23500 followed by 23800.23000-23000 PE added 15 Lakh OI so bulls making support in the range of 22500-23000.

Buy Above 23910 Tgt 24100,24225 and 24400 (Bank Nifty Spot Levels)

Sell Below 23729 Tgt 23627,23518 and 23400 (Bank Nifty Spot Levels)

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