Bank Nifty reverses from Gann Angle on Astro Date

  • As Discussed in Last Analysis Bank Nifty finally closed above 29791 now bulls can rally towards 29929/30125/30240. Bears will get active below 29600 for a move towards 29376/29240.22 Mar is important Astrological Event so High and Low of 22 March for next big move. High made was 30008 exactly at gann angle resistance and on Astro date where mercury was in conjunction with Neptune suggesting we have done price time squaring and till we are below 29791 bears will have upper hand, as we have closed below 29600 now waiting for target of  29376/29240/29088. Bulls will get active above 29666 for a move back to 29791/30000.

  • Bank Nifty March Future Open Interest Volume is at 24.4 lakh with liquidation of 1.9 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @27064  closed above it,Low made Friday was 27051 and rallies 2500  points
  • 30000 CE is having highest OI @6.7 Lakh resistance at 30000 followed 30200.  28000-30000 CE added 8.9 Lakh in OI so bears  added  position  in the zone of 30000-30200
  • 29500 PE is having highest OI @6.4 Lakh, strong support at 29500 followed by 29300.26000-28000 PE added 5.4 Lakh OI so bulls making strong support in the range of 29000-29200.

Buy above 29666 Tgt 29748 ,29835 and  29921 (Bank Nifty Spot Levels)

Sell below 29490 Tgt 29404,29320 and 29200 (Bank Nifty Spot Levels)