Bank Nifty Analysis as It Near Gann Angle Resistance

  • As discussed in Last Analysis   As we have weekly expiry tommrow, Bulls were able to close above 31777 waiting for the target of 32014/32300/32423. Bears will active below 31696 for a move back to 31585/31343/31135. We are opening gap up and filling gaps in last 2 days suggesting trend is becoming weaker as we are near gann angle resistance also as shown in below chart.Bulls now need to move above 32041 for a move back to 32256/32400/32544. Bears will active below 31824 for a move back to 31684/31500

  • Bank Nifty Jan Future Open Interest Volume is at 17.2 lakh with Liquidation of 0.05 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @31230 closed above it.
  • 32000 CE is having highest OI @12.8 Lakh resistance at 32000 followed 32300.31000-32000 CE added 28 Lakh in OI so bears added position in the zone of 31000-30200.
  • 31300 PE is having highest OI @14.6 Lakh, strong support at 31300 followed by 31100 .29000-31000 PE added 18 Lakh OI so bulls making support in the range of 31000-31200.

Buy Above 32050 Tgt 32155,32280 and 32384 (Bank Nifty Spot Levels)

Sell Below 31898 Tgt 31777,31666 and 31555(Bank Nifty Spot Levels)

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