Bank Nifty unable to close above gann trendline,EOD Analysis

  • We expected a move of 400-500 points above 15452, Bank Nifty did 300 points move High made was 15704, Bank Nifty opened above the gann resistance line but was unable to sustain above it, but closed above the gann arc as shown below suggesting bulls are still in control. Close above 15555 is required for next leg of upmove and close below 15136 is required for serious correction. After a big rally we saw in 1 week of march bank nifty is just doing time correction by trading in a range. Support has increased to 15250-15300, Resistance in range of 15660-15700.  How to fight with Trading Emotions

Bank Nifty Gann Trendline resistance

  • Bank Nifty March Future Open Interest Volume is at 18.6 lakh with liquidation of 0.16 lakh  with decrease in Cost of Carry suggesting long positions were closed today. Bank Nifty able to close above  Rollover price @14115 and gave 1300 Points. How To Identify Market Tops and Bottom
  • 15500 CE is having highest OI @6.5 Lakh resistance formation @15500. 13500-15500 CE saw 0.83 lakh liquidation as bears  booked some profit as bank nifty is closing below 15500 but above 15136.
  • 14500 PE is having highest OI @6.5 Lakh, strong support at 14500 followed by 14000, Bulls booked profit in 14500/15000 PE as OI was reduced by 0.75 Lakh.14000-16000 PE saw 1.2lakh addition so bulls continue to add even though bank nifty was down 350 points from high,suggesting we can see upswing tomorrow . Range for March Series comes @ 13000-15500.

Buy above 15500 Tgt 15580,15680 and 15800 (Bank Nifty Spot Levels)

Sell below 15350 Tgt 15270,15140 and 15000 (Bank Nifty Spot Levels)

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