Bank Nifty rally 1620 points as per Gann Time Cycle

By | March 16, 2019 12:59 pm
  • As Discussed in Last Analysis Range of 28900-28944 is important supply zone, Closing above it can see quick move to 29088/29232/29376. Low made on Friday 28990 and once 28944 in first 5 mins bulls were on rampage did all our target on upside. Do not try to short this market till we got a reversal signal, Now Bulls need to close above 29430 for a move back to 29520/29664/29791. 29791 is another strong vedic number just like 27000. Bears will get active only below 29240 for a move back to 29160/29075/29000. 16 Mar is very important date so we will see effect on Monday.

  • Bank Nifty March Future Open Interest Volume is at 25.9 lakh with addition of 1.5 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @27064  closed above it,Low made Friday was 27051 and rallies 2500  points
  • 29500 CE is having highest OI @2.8 Lakh resistance at 29500  followed 29800.  27000-29000 CE added 0.59 Lakh in OI so bears  added position  in the zone of 29500-29800
  • 28500 PE is having highest OI @4.7 Lakh, strong support at 28800 followed by 28500.26000-28000 PE added 3 Lakh OI so bulls making strong support in the range of 28500-28600.

Buy above 29420 Tgt 29500 ,29589 and 29675 (Bank Nifty Spot Levels)

Sell below 29320 Tgt 29246,29160 and 29075 (Bank Nifty Spot Levels)

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