Gann View: Where are Bank Nifty headed?

  • As discussed in  Last Analysis  35555 done and now waiting for target of 35321/35150/34928. We saw the impact of Venus declination and now today we have a very important aspect which is SUN Opposition Jupiter which is also called as Dow Crash Aspect, Jupiter is larget plannet of solar system so this is a very rare aspect, and we have also formed outside bar pattern which is strong reversal pattern, so we should see another fall tommrow. Bulls will have chance above 36000 for a move back to 36200/36412. All Bearish target done low made was 34926 exactly at our final target of 34928 and we close near gann angle support as shown in below chart. Now Bulls need to move above 35207 for a move back to 35301/35489/35678.  Bears will get chance below 35058 for a move back to 34931/34745/34555.

  • Bank Nifty August Future Open Interest Volume is at 18 lakh with liquidation of 1.8 Lakh, with increase in Cost of Carry suggesting  SHORT positions were closed today. Bank nifty Rollover cost @34880 closed above it.
  • 36000 CE is having highest OI @19.7 Lakh resistance at 35500 followed 36000. 35000-37000 CE added 52 Lakh in OI so bears added position in the zone of 35000-36000.
  • 35000 PE is having highest OI @14.6 Lakh, strong support at 35000 followed by 34500.34500-35500 PE added 9 Lakh OI so bulls making support in the range of 34500-35000.

Buy Above 35207 Tgt 35301, 35395 and 35489 (Bank Nifty Spot Levels)

Sell Below 35025 Tgt 34931, 34838 and 34745 (Bank Nifty Spot Levels)

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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