Bank Nifty breaks 16000 and gann trendline, EOD Analysis

  •  As discussed in last analysis Bank Nifty should breakout above 16300 and breakdown below 16000 after RBI policy on Tuesday, As soon as Bank Nifty broke 16000, gann trendline breakdown was confirmed and went all the way towards the demand zone of 15700-15750 as we have been discussing in past analysis. Now we are at a very crucial junction for next 2 days, as we are near supply zone of 15700 and also near gann arc, Holding the same we will again bounce towards 16000/16300, break of same we will be going back towards 15300.   Are you Victim of “Over Trading”

Gann trendline broken and gann arc

Bank Nifty supply after correction

  • Bank Nifty April Future Open Interest Volume is at 17.7  lakh with addition of 1.3 lakh, with decrease in Cost of Carry suggesting short positions were added today.Rollover cost @16000, Bank nifty closed below it and rewarded by 300 points How To Identify Market Tops and Bottom
  • 16500 CE is having highest OI @5.3 Lakh resistance formation @16500. 15000-17000 CE added 6.5 lakh so bear making wall on resistance near 16500-16300 as Bank Nifty closed below the supply zone of 16000.
  • 15000 PE is having highest OI @4.7 Lakh, strong support at 15000 followed by 15500, Bulls again added 1.2 Lakh in OI in 15000-17000 PE as bank nifty closed near demand zone of 15700.

Buy above 15750 Tgt 15820,15960 and 16150 (Bank Nifty Spot Levels)

Sell below 15650 Tgt 15550,15440 and 15300 (Bank Nifty Spot Levels)

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One Comment

  1. vicky_dubai said:

    Sir as per harmonic pattern there is a Cypher pattern develoving with a target comming around 16266…how much is it valid ?

    April 5, 2016

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