Bank Nifty Rallies From Gann Angle Support

  • As Discussed in Last Analysis I have changed the scaling of gann angle, Bears will get active below 26720 for a move back to 26610/26500. Bulls will rally above 26850 for a move back to 26920/27000/27070. Bank Nifty opened with gap up as its holding gann angle support and another close above 27000. Bank Nifty has been trading in range bound from last 17 week as per gann after 26 week we tend to see big move so high (27189)and low (26719) of last week are very important. Bears will get active below 26980 for a move back to 26920/26800/26720.Bulls will rally above 27100 for a move back to 27225/27360

  • Bank Nifty March Future Open Interest Volume is at 14.2 lakh with addition of 2.5 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @27064  closed above it,Low made Friday was 27051 and rallies 200 points
  • 27500 CE is having highest OI @3.1 Lakh resistance at 27300  followed 27500.  26000-28000 CE added 0.43 Lakh in OI so bears added position  in the zone of 27100-27300.
  • 26500 PE is having highest OI @3.4 Lakh, strong support at 26800 followed by 26600.26000-28000 PE added 0.96 Lakh OI so bulls making strong support in the range of 26600-26800.

Buy above 27100 Tgt 27160 ,27225 and 27360 (Bank Nifty Spot Levels)

Sell below 27000 Tgt 26920,26850 and 26721 (Bank Nifty Spot Levels)