Bank Nifty corrects 1913 points from 1 Jan,EOD Analysis

  •  Bank nifty has invalidated the  ABCD pattern  as it closed below the 15453 and also broken the gann trendline in the process. Closing below 15150 on Monday can have severe implication on downside.Holding the same can see fast move towards 15550.Bank Nifty has corrected 1913 points from 1 Jan till date suggesting fall has been prety severe maximum correction seen in 2500 point going by historical data. How making a trading plan improves your trading

Nifty Gunner

  • Bank Nifty December Future Open Interest Volume is at 29.7 lakh with addition of 1.6  Lakh with increase in Cost of Carry suggesting long positions were added today .Bank Nifty rollover cost coming @ 16957 and corrected heavily one started trading below Rollover Price.How To Identify Market Tops and Bottom
  • 16000 CE is having highest OI @7.7 Lakh strong resistance formation @16000. 15500 CE saw 0.91addition by bears is next line of resistance.16000-17000 CE added 5 Lakh in OI, aggressive addition shown by bears,in 15500 CE.
  • 15000 PE is having highest OI @4.6 lakh, strong support at 15000 and before that 14500 .16500-15500 PE added 0.78 Lakh so bulls adding below 15000/14500 where we can see potential bounceback.

Buy above 15350 Tgt 15500,15650 and 15800 (Bank Nifty Spot Levels)

Sell below 15150 Tgt 15040,14880 and 14600 (Bank Nifty Spot Levels)

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One Comment

  1. durairajan said:

    bank nifty future if breaks 15148 future then next target– 14948–((((( earlier on 16.5.2014 –high is 15996 low was 14300=1696) 1696 * 50% =848-15996=15148,– 1696 * 61.8%=1048 -15996 =14948 and 1696* 70.7%=1199-15996=14797 these are the down side target on coming days .bank nifty future

    January 17, 2016

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