Gann Price Time Squaring:Bank Nifty Analysis

By | July 1, 2021 8:22 pm
  • As Discussed in Last Analysis   3. We are approaching the gann angle support zone again also MERCURY LATITUDE HELIOCENTRIC at 7 degree suggesting big move should be seen once 34910 broken on upside or 34729 broken on downside.Bulls need to move above 34910 for a rally towards 35016/35225/35390. Bears will get active below 34729 for a move towards 34610/34421/34225/34080. Again a Rangebound sideways day and no major move seen in market,Now we are at a crucial point with price at gann angle and time denoted by Blue line from time cycle starting from 16 Feb Bank Nifty all time high so once we move above 34800 bulls will have upper hand and we can see reversal in price. Any break below 34584 bears will get mometum in there side. Bulls need to move above 34800 for a rally towards 34910/35016/35225/35390. Bears will get active below 34580 for a move towards 34484/34333/34150.

  • Bank Nifty July Future Open Interest Volume is at 21.1 lakh with liquiation of 0.91  Lakh, with increase in Cost of Carry suggesting LONG positions were added today. Bank nifty Rollover cost @34909 and Rollover 81.1% closed above it.
  • 35000 CE is having highest OI @13.4 Lakh resistance at 35000 followed 35300. 35000-36000 CE added 12.6 Lakh in OI so bears added position in the zone of 36000-36500.
  • 34000 PE is having highest OI @12.3 Lakh, strong support at 34500 followed by 34000 .34000-35000 PE added 12 Lakh OI so bulls making support in the range of 34000-34500.

Buy Above 34729 Tgt 34850, 34968 and 35117 (Bank Nifty Spot Levels)

Sell Below 34610 Tgt 34512, 34444 and 34333 (Bank Nifty Spot Levels)

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