Bank Nifty Reacts from Gann Angle Resistance

By | October 24, 2019 10:37 pm
  • As discussed in Last Analysis  We formed another DOJI today on time cycle date, tomorrow as we have election results and weekly expiry  so break of high and low of today can easily see 300-400 points move in bank nifty.Bulls need a close above 29666 for rally to continue till 29929/30094. Bears will get active below 29210 for a move back to 29071/28900. Bank Nifty reacted from Gann Angle Resistance and once below 29210 bears did 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 addition of 1.3 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @30213  closed below it.
  • 29500 CE is having highest OI @3.3 Lakh resistance at 29500 followed 30000.28000-31000 CE added 1.4 Lakh in OI so bears added position in the zone of 29300-29500.
  • 28500 PE is having highest OI @3.4 Lakh, strong support at 28800  followed by 28500.27000-30000 PE added 1.9 Lakh OI so bulls making support in the range of 28800-29000.

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

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

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Category: Bank Nifty Astrology

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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