Bank Nifty Back to Gann Angle Support

By | May 20, 2021 9:53 pm
  • As Discussed in Last Analysis  Bank Nifty bears were able to close below 34057 now waiting for the target of 33520/33308/33040 as per gann price time squaring,Bulls need a close above 34057 for a move back to 34343/34545/34729.2 Bearish target done as per gann price time squaring. As we are near both Gann Angle support and Trendline support as shown in Supply Demand Chart suggesting holding todays low we can see bounce back. Bulls need a close above 33410 for a move back to 33555/33687/33888. Bears will get active below 33270 for a move back to 33127/32920/32729.

  • Bank Nifty April Future Open Interest Volume is at 14.1  lakh with liquidation of 1.72 Lakh, with increase in Cost of Carry suggesting LONG positions were closed today. Bank nifty Rollover cost @33146 closed above it.
  • 34000 CE is having highest OI @6.7 Lakh resistance at 34000 followed 34300.34000-35000 CE added 14.6 Lakh in OI so bears added position in the zone of 34500-35000.
  • 33000 PE is having highest OI @14.6 Lakh, strong support at 33000 followed by 32500 .32000-33000 PE added 12 Lakh OI so bulls making support in the range of 33000-33300.

Buy Above 33410 Tgt 33555,33687 and 33824 (Bank Nifty Spot Levels)

Sell Below 33269 Tgt 33127, 32921 and 32777 (Bank Nifty Spot Levels)

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