Nifty Bank Reacts from Gann Angle Resistance

  • As discussed in Last Analysis; We formed another DOJI today on a time cycle date, tomorrow as we have election results and weekly expiry, a break of the high and low of today can easily be seen with a 300-400 point move. Bulls need a close above 29666 for the rally to continue till 29929/30094. Bears will get active below 29210 for a move back to 29071/28900. Nifty Bank reacted from Gann Angle Resistance and once below 29210 bears hit 29000 and now bears need to break 29000 for the fall to continue towards 28780/28500/28376. Bulls will get active above 29270 for a move back to 29500/29700.

  • Bank Nifty Oct Future Open Interest Volume is at 13.2 lakh with the addition of 1.3 Lakh, with an increase in the Cost of Carry suggesting long positions were added today. Nifty Bank Rollover cost is @30213 and closed below it.
  • 29500 CE is having a highest OI @3.3 Lakh, resistance at 29500 followed by 30000. 28000-31000 CE added 1.4 Lakh in OI, so bears added positions in the zone of 29300-29500.
  • 28500 PE is having a highest OI @3.4 Lakh, strong support at 28800, followed by 28500. 27000-30000 PE added 1.9 Lakh OI so bulls are creating support in the range of 28800-29000.

Buy above 29270 Tgt 29450,29600 and  29850 (Nifty Bank Spot Levels)

Sell below 29000 Tgt 28850,28600 and 28450 (Nifty Bank Spot Levels)