Nifty Bank Rallies 4000 Points From Gann Angle

  • As Discussed in Last Analysis; Bulls now need to move above 29160 for a move back to 29430/29710/29791. Any close above 29160 can see a quick move towards 29791. Bears have their chance below 28800 for a move back towards 28656/28512/28376. We opened with a gap up, and now Bulls need a close above 30700 for the upmove to continue towards 31000/31360/31600. Bears will get active below 30370, for a move back to 30000/29800/29500. Till we are holding 29971, we can then rally towards 31800-32000.

  • Nifty Bank Sep Future Open Interest Volume is at 12.2 lakh, with a liquidation of 1 Lakh, with an increase in the Cost of Carry suggesting long positions were closed today. Nifty Bank Rollover cost @27807 and closed above it.
  • 31000 CE is having a highest OI @5.1 Lakh, resistance at 31000, followed by 30800. 30000-31000 CE added 4.4 Lakh in OI, so bears added positions in the zone of 30800-31000.
  • 30000 PE is having a highest OI @5.1 Lakh, strong support at 30300, followed by 31000. 30000-31000 PE added 103 K Lakh OI, so bulls are creating support in the range of 28500-28800.

Buy above 30600 Tgt 30800,30960 and  31104 (Nifty Bank Spot Levels)

Sell below 30370 Tgt 30240,30096 and 29952  (Nifty Bank Spot Levels)