Bank NIfty Rallies for Gann Angle Support

By | October 21, 2021 8:46 pm

As discussed in Last Analysis  Bank Nifty traded in no trade zone today unable to break higher and lower end of range and forming DOJI setting up trade set for big move in next 2 trading sessions. Also held on to important gann level of 39304. For Swing Traders Bulls need to move above 39690 for a rally towards 39789/39889/39989/40089 Bears will get active below 39376 for a move back to 39277/39178/39079/38980. Bulls held on to 39300 and above 39690 and did all target on upside. Now Bulls need to move above 40100 for a move towards 40344/40658. Bears need a close below 39800 for a move back to 39572/39150. 

  • Bank Nifty Oct Future Open Interest Volume is at 14.8   lakh with liquidation of 0.82 Lakh contract , with increase in Cost of Carry suggesting  LONG positions were closed today.
  • Bank nifty up by 500 points again shows power of Jupiter plannet as it will always make sure Bank Nifty outperform Nifty during the time its Direct.
  • MAX Pain is at 39500 PCR at 0.98.
  • The Option Table data indicates decent support at 39800 and reasonable resistance at 40500.
  • For Positional Traders Stay long till we are holding Trend Change Level 39609 and stay short below it. That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 39800 will act as a Intraday Trend Change Level. 

Buy Above 40101 Tgt 40200, 40344 and 40500 (Bank Nifty Spot Levels)

Sell Below 39958 Tgt 39824, 39700 and 39572 (Bank Nifty Spot Levels)

As always I wish you maximum health and trading success

Category: Daily

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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