Bank Nifty Corrects 1000 points as Gann Price Time Squaring shows Effect

  • As discussed in Last Analysis  Bank Nifty saw the effect of Gann Price Time Squaring Bulls were not able to cross 32580 as high made was 32544 and bears once below 32512 did all target on downside till 32053 low made was 32044 so it worked perfectly. Now Bears need to break 32010 for a move back to 31778/31512/31326. Bulls above 32300 can do 32513/32786. Bank Nifty saw the effect of Gann Price Time Squaring  and corrected almost 1000 points from 32700, and did the target of 31778,Now Bears need to break 31684 for the downmove towards 31329/30976. Bulls need to move above 32050 for a move back to 32225/32400/32681. Tommrow is another Important Astro Date.

  • Bank Nifty Jan Future Open Interest Volume is at 15.8 lakh with addition of 1.3 Lakh, with decrease in Cost of Carry suggesting SHORT positions were added today. Bank nifty Rollover cost @31230 closed above it.
  • 32000 CE is having highest OI @10.5 Lakh resistance at 32000 followed 32300.31000-33000 CE added 12.3 Lakh in OI so bears added position in the zone of 32000-32300.
  • 31500 PE is having highest OI @16.7 Lakh, strong support at 31500 followed by 31300 .30000-32000 PE liquidated 5.2 Lakh OI so bulls making support in the range of 31300-31500.

Buy Above 31900 Tgt 32040,32225 and 32555 (Bank Nifty Spot Levels)

Sell Below 31729 Tgt 31610,31494 and 31200 (Bank Nifty Spot Levels)

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