Bank Nifty Bounce from Gann Angle,EOD Analysis

By | February 3, 2020 7:57 pm
  • As discussed in Last Analysis Now Bulls need to protect 29586 level for any rally to come else we can see fall till 29300/29000/28829. Low made was 29612 near gann angle and we saw a rally. Now Bulls need to 31110 for a move back to 30265/30400/30591. Bears will get active below 29950 for a move back to 29860/29720/29600.

  • Bank Nifty Jan Future Open Interest Volume is at 13.4 lakh with liquidation of 0.59 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @30990 closed below it.
  • 30500 CE is having highest OI @7.7 Lakh resistance at 30500  followed 30800.29000-31000 CE added 11.5 Lakh in OI so bears added position in the zone of 30000-30300.
  • 29500 PE is having highest OI @5.4 Lakh, strong support at 29500 followed by 29000.29000-31000 PE added 14 Lakh OI so bulls making support in the range of 29300-29500.

Buy above 30110 Tgt 30215,30400 and  30555 (Bank Nifty Spot Levels)

Sell below 29950 Tgt 29860,29721 and 29580 (Bank Nifty Spot Levels)

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