Bank Nifty near gann line,EOD Analysis

  • As discussed in Last analysis Bank Nifty took support at gann arc Now Bulls need a close above 17143/17170 for a quick move towards 17300/17470 where gann resistance line is present as shown in chart. Bank Nifty worked on similar line bulls were able to capitalized on the gann arc support and supply from bears started coming from the the gann resistance line as shown in the below chart. Bulls needs to close nifty above 17293 which is signal line, else the rally will get sold into once again. Maintaining Trading Discipline; Easier Said Than Done

Daily Gunner

Weekly Gunner

  • Bank Nifty November Future Open Interest Volume is at 24.6 lakh with addition of 0.38 Lakh with decrease in CoC suggesting short position were added today. Rollover cost  of Bank nifty is @ 17782, Can Traders make money in Stock market?
  • 18000 CE is having highest OI @8.9 Lakh strong resistance formation @18000. 17500 CE liquidated 0.55 lakh so bears covered their position,close above 17500 will create panic in bear camp. 17500-18500 CE added 0.29 Lakh in OI  no major addition seen by bears.
  • 16500 PE is having highest OI @5.1 lakh strong base @16500 followed by 16000. 16000/17000 PE added 1.76 lakh strong addition seen by bulls as compared to yesterday. As we have been discussing  Range of Bank Nifty at start of series is coming between 16500-17500 and bank nifty is trading well within the range.

Buy above 17230 Tgt 17320,17400 and 17465 (Bank Nifty Spot Levels)

Sell below 17080 Tgt 17000,16950 and 16855 (Bank Nifty Spot Levels)

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