Nifty Bank Rallies 1000 Point Holding Gann Date Low

  • As Discussed in Last Analysis; Bulls need to see a rise above 27300 for a move back to 27500/27666/27800. Bears will get active below 26900 for a move back to 26750/26610. 23 was a Gann Natural Date, so holding this low we can see a good rally, only if we close above 27300. We did not break the Gann Date low, and rallied above 27300 towards 28000. Now Bulls need to move above 28000 for a move towards 28225/28500. Bears will get active below 27790 for a move back to 27570/27300.

  • Nifty Bank Aug Future Open Interest Volume is at 14.3 lakh with a liquidation of 2.2 Lakh, with a decrease in the Cost of Carry, suggesting short positions were closed today. Nifty Bank Rollover cost is @29286 and closed below it.
  • 28000 CE is having a highest OI @6.2 Lakh, resistance at 28000 followed by 28300. 27000-30000 CE liquidated 5.3 Lakh in OI, so bears covered positions in the zone of 27500-27800.
  • 27500 PE is having a highest OI @6.1 Lakh, strong support at 27500 followed by 27000. 27000-29000 PE added 13 Lakh OI, so bulls are creating strong support in the range of 27300-27500.

Buy above 28000 Tgt 28100,28225 and  28368  (Nifty Bank Spot Levels)

Sell below 27792 Tgt 27648,26504 and 27360 (Nifty Bank Spot Levels)