Bank Nifty Continue to Struggle at Gann Angle

By | August 9, 2021 8:30 pm
  • As discussed in  Last Analysis Bears were able to close below 35937 now waiting for the target of 35661/35416/35171. Bulls need to move above 35940 for a move back to 36079/36324. We should see big move in bank nifty in next 2 trading session based on astro date combinations. Bears were able to do 1 target on downside and Bulls were able to do 1 target on upside. Till we are holding 35937 bulls can rally towards  36079/36324. Bears will again get active below 35886 for a move back to 35707/35555/35386.

  • Bank Nifty August Future Open Interest Volume is at 19.5 lakh with addition  of 0.04 Lakh, with decrease in Cost of Carry suggesting  SHORT positions were added today. Bank nifty Rollover cost @34880 closed above it.
  • 36500 CE is having highest OI @9.8 Lakh resistance at 36500 followed 37000. 36000-37000 CE added 20.2 Lakh in OI so bears added position in the zone of 36500-37000.
  • 35000 PE is having highest OI @12.7 Lakh, strong support at 35000 followed by 34500.35000-36000 PE added 23 Lakh OI so bulls making support in the range of 35000-35500.

Buy Above 36100 Tgt 36250, 36377 and 36481 (Bank Nifty Spot Levels)

Sell Below 35980 Tgt 35886, 35707 and 35525 (Bank Nifty Spot Levels)

2 thoughts on “Bank Nifty Continue to Struggle at Gann Angle

  1. R K Dash

    Hi Brahmesh!

    In an intraday trade sold SBIN @ 423.40/20 while BNifty was @ 35966 at 2:32 today (when market price was 423.76), but forced to sell it 426.65. at 3:11 pm by the system as was kept open till end.

    I think now was is supposed to be baught?

    1. The sell time was too close (2:32 pm) for the market to stop trading at 3:30.

    2. The selling at index – 35966 was far below the suggested index – 35981 (15 points).

    3. Although index was moving downwards and supposed to move towards suggested target of 35886 down from 35861, but it moved upword 36006 instead.

    What could be the reason for this unpredicted movement & how the trader be aware of this beforehand, or anything more to be heeded at?

    Wish listening you on these.

    Thank you.

    R K Dash

Leave a Reply