Bank Nifty bounces from Harmonic Zone,EOD Analysis

  • As discussed in Weekly analysis  16622 is where Shark Harmonic pattern is complete and 16648 was demand zone, Low made 16587 at open and than bank nifty was in recovery mode,Also as i have been discussion about election results impact on market, today’s rally would not have surprised blog readers. Now Bulls need a close above 17170 for a quick move towards 17368. Downside support at 16886/16772 and 16652  Case Study: How Emotion affect Trading

Bank Nifty Harmonic


  • Bank Nifty November Future Open Interest Volume is at 24.1 lakh with addition of 0.18 Lakh with increase in CoC suggesting short position were covered today. Rollover cost  of Bank nifty is @ 17782
  • 18000 CE is having highest OI @7.7 Lakh strong resistance formation @18000. 17500 CE added 0.30  lakh so bears forming wall @ 17500 as nifty was unable to close above 17170 new demand zone. 17500-18500 CE added 0.22 Lakh in OI no major addition seen by bulls.
  • 17000 PE is having highest OI @4.1 lakh strong base @17000 followed by 16500. 16500/17500 PE added 1.03lakh strong addition seen by bulls as compared to yesterday. Range of Bank Nifty at start of series is coming between 16500-17500.

Buy above 17070 Tgt 17170,17368 and 17500 (Bank Nifty Spot Levels)

Sell below 16850 Tgt 16720,16590 and 16410(Bank Nifty Spot Levels)

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One Comment

  1. Sagar said:

    Sir, You are genious, Salute for Shark Pattern analysis. But sir,If you don’t mind then one question is that, According to Shark Pattern,support zone for CD leg is either @ 0.88XA or 1.13XA. Here, X point should be little bit higher @ 16648 point to satisfy shark Pattern. But, in your analysis X point shown @ 15762 level which quite lower which does not satisfy condition. Please reply , so that i can remove my confusion. Please try to solve my query.

    November 9, 2015

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