Nifty Bank Stages Small Rally Holding Gann Angle

  • We have an important time cycle date tomorrow and Weekly Expiry. Bulls will become active above 30610 for a move towards 30721/30816/30960. Bears will become active below 30340 for a move back to 30240/30150/30000. A low was made at 30565, and once above 30610 we hit our 1 target of 30721. Till we are holding 30610 we can rally towards 30816/30960. Big Resistance in the zone of 30960-31000. Bears will become active below 30550 for a move back to 30341//30150. As per time cycle break of today high and low can easily give 250-300 points.

  • Nifty Bank July Future Open Interest Volume is at 17.2 lakh with liquidation of 0.53 Lakh, with a decrease in the Cost of Carry suggesting short  positions were closed today. Nifty Bank Rollover cost is @31207, closed below it with a big fall.
  • 31000 CE is having a highest OI @3.2 Lakh, resistance at 31000, followed by 31500. 30000-32000 CE added 0.97 Lakh in OI so bears added positions in the zone of 31000-31500.
  • 30000 PE is having a highest OI @3 Lakh, strong support at 30500 followed by 30300. 30000-32000 PE added 1.16 Lakh OI so bulls are making strong support in the range of 30300-30500.

Buy above 30610 Tgt 30695,30783 and  30870 (Nifty Bank Spot Levels)

Sell below 30433 Tgt 30346,30259 and 30150 (Nifty Bank Spot Levels)