Gann Price Time Squaring lead to 1000 fall in Bank Nifty, Whats Next?

  • As Discussed in Last Analysis  Now watch out for 29781 very important levels for 1000 points move in bank nifty in next 2 trading sessions based on Gann Price Time Squaring. Bulls need a close above 29781 for a move back to 30004/0258/30732. Bears below 29640 can see fall towards 29530/29420/29280/29000. High made yesterday was 29784 and today we opened with gap down and did the Gann Price time sqauring and completed 1000 Points target as discussed. Now Bears need to break 28740 for downfall to continue towards 28606/28350/28000. Bulls above 29020 can see rally back to 29223/29400/29666.

  • Bank Nifty Nov Future Open Interest Volume is at 18.1 lakh with liquidation  of 0.14 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @24264 closed above it.
  • 29500 CE is having highest OI @22 Lakh resistance at 29500 followed 29800 .28000-30000 CE added 12.1 Lakh in OI so bears added position in the zone of 29500-29800
  • 28500 PE is having highest OI @10.1 Lakh, strong support at 28500 followed by 28300.28000-29000 PE added 2 Lakh OI so bulls making support in the range of 28500-28300.

Buy Above 29020 Tgt 29116,29223 and 29500 (Bank Nifty Spot Levels)

Sell Below 28800 Tgt 28666,28500 and 28320 (Bank Nifty Spot Levels)

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