Nifty Bank Rallies on Gann Date

  • As Discussed in Last Analysis; 24 June is a very important day as per Gann. 24 June High and low are very important and we should see a good move in Nifty Bank in the next 2 days. A fresh Positional long should be taken above 30783 for a move back to 30999/31087/31176. Bears will get active below 30528 for a move back to 30386/30300/30212. Bears got whipsawed below 30528, but bulls once above 30783 rallied and are nearing our 1st target of 30999. Bulls need a close above 30950 for a move towards 31156/31365. Bears will get active only below today’s close of 30451. The Gann Time Cycle again helped us in capturing the bottom today.

  • Nifty Bank June Future Open Interest Volume is at 15 lakh with a liquidation of 2.7 Lakh, with a decrease in the Cost of Carry suggesting long positions were closed today. Nifty Bank Rollover cost is @31540, and closed below it.
  • 31000 CE is having a highest OI @8.8 Lakh, resistance at 31000, followed by 31500. Any close above 31000 can see a swift move towards 31250-31300 in the next 2 days.  30000-32000 CE liquidated 7.6 Lakh in OI, so bears were covered in the zone of 31000-31500.
  • 30000 PE is having a highest OI @5.4 Lakh, strong support at 30500, followed by 30200. 30000-32000 PE added 12.9 Lakh OI so bulls are creating strong support in the range of 30300-30500.

Buy above 30888 Tgt 30976,31064 and  31154 (Nifty Bank Spot Levels)

Sell below 30800 Tgt 30713,30625 and 30538 (Nifty Bank Spot Levels)