Bank Nifty Corrects 500 points as Gann Price Time Squaring shows Effect

  • As discussed in Last Analysis  High made today was 32718 so bulls unable to move above 32768 and formed double top and also price time sqauring suggesting big move should be seen in next 2 trading sessions.Bulls need a close above 32580 for a move towards 32678/32768/32943/33045/33136. Bears below 32512 can do 32412/32322/32142/32053.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 Jan Future Open Interest Volume is at 14.4 lakh with addition of 0.49  Lakh, with decrease in Cost of Carry suggesting SHORT positions were added today. Bank nifty Rollover cost @31230 closed above it.
  • 33000 CE is having highest OI @8.5 Lakh resistance at 32800 followed 33000.31000-33000 CE liquidated 2.3 Lakh in OI so bears covered position in the zone of 32500-33000.
  • 32000 PE is having highest OI @6.7 Lakh, strong support at 32300 followed by 32000 .30000-32000 PE added 9.2 Lakh OI so bulls making support in the range of 31800-32000.

Buy Above 32300 Tgt 32478,32600 and 32768 (Bank Nifty Spot Levels)

Sell Below 32020 Tgt 31900,31778 and 31525 (Bank Nifty Spot Levels)

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