Bank Nifty rallies 1000 point Holding Gann Date Low

  


  • As Discussed in Last Analysis   Bulls need to see rise above 27300 for a move back to 27500/27666/27800.Bears will get active below 26900 for a move back to 26750/26610. 23 was a Gann Natural Date so holding this low we can see a good rally only if we close above 27300. We did not break Gann Date low and rallied above 27300 towards 28000. Now Bulls need to move above 28000 for a move towards 28225/28500. Bears will get active below 27790 for a move back to 27570/27300.

  • Bank Nifty Aug Future Open Interest Volume is at 14.3 lakh with liquidation of 2.2 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @29286  closed below it.
  • 28000 CE is having highest OI @6.2 Lakh resistance at 28000  followed 28300. 27000-30000 CE liquidated 5.3 Lakh in OI so bears covered  position in the zone of 27500-27800.
  • 27500 PE is having highest OI @6.1 Lakh, strong support at 27500 followed by 27000.27000-29000 PE added 13 Lakh OI so bulls making strong support in the range of 27300-27500.

Buy above 28000 Tgt 28100,28225 and  28368  (Bank Nifty Spot Levels)

Sell below 27792 Tgt 27648,26504 and 27360 (Bank Nifty Spot Levels)

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