Will Nifty Bank Bounce on Gann Time Cycle Date

  • As Discussed in Last Analysis; Now bulls need to hold the 29450-29520 range where the Election gap will get filled for the upmove towards 29808/29952/30096. Bears will get active below 29447 for a move back to 29361/29275/29190/29104. A low was made at 29194, so bears hit the target below 29447. We are entering the next level of important support in the range of 29100-29130, holding the range we can see a move to the upside towards 29376/29520/29664. Bears will get active below 29088 for a move back to 28944/28000/28656. Tomorrow is an important gann and Astro date too.

  • Nifty Bank July Future Open Interest Volume is at 12 lakh, with a liquidation of 2.5 Lakh, with an increase in the Cost of Carry suggesting short positions were closed today. Nifty Bank Rollover cost is @31207 and closed below.
  • 29500 CE is having a highest OI @4.1 Lakh, resistance at 29500, followed by 29800. 28000-30000 CE added 11.5 Lakh in OI, so bears added positions in the zone of 29300-30000.
  • 29000 PE is having a highest OI @6.7 Lakh, strong support at 29100 followed by 29000. 30000-32000 PE added 11 Lakh OI, so bulls are creating strong support in the range of 29000-29300.

Buy above 29232 Tgt 29377,29520 and  29664  (Nifty Bank Spot Levels)

Sell below 29088 Tgt 28944 ,29880 and 28656  (Nifty Bank Spot Levels)