Bank Nifty held on to 200 DMA,EOD Analysis

By | April 30, 2016
  • As discussed in last analysis   High made today was 17023 bank nifty unable to scale above the supply zone level of 17067 and also the gann resistance line and bears got active below 16800 and saw the decline till  200 DMA, Break of 16700 can again see a quick fall till 16500, Bank Nifty made low of 16527 near our target of 16500 once 16800 was broken,and closed below 16800 but again held on to 200 DMA, so bulls are bears both are in dilemma. Volatility which we are seeing in market was due to Weekly and Monthly closing we had yesterday.Bulls need to close above 16800 and bears below 16500 for next 300-400 points move.   Are You a Carrot, Egg, or Coffee Bean?

support at gann trendline

 

  • Bank Nifty May Future Open Interest Volume is at 17.7 lakh with addition of 1.2 lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost is coming at 16860 High made was 16946 got stopped out on long but shorts taken at 16860 saw almost 300 point fall, Do you know your Risk of Ruin in trading ?
  • 17500 CE is having highest OI @3.6 Lakh resistance formation @17500 followed by 17000 . 16000-18000 CE saw 2.4 lakh addition in OI so bulls making resistance at higher levels.
  • 16000 PE is having highest OI @3 Lakh, strong support at 16000 followed by 16500, Bulls added 1.9  Lakh in OI in 16000-18000 PE as bank nifty held on to 200 DMA.

Buy above 16750 Tgt 16820,16915 and 17035 (Bank Nifty Spot Levels)

Sell below 16700 Tgt 16600,16500 and 16410 (Bank Nifty Spot Levels)

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8 thoughts on “Bank Nifty held on to 200 DMA,EOD Analysis

  1. Bramesh Post author

    My bad.. I have corrected my statement…

  2. Saumya

    Thanks
    The confusion was because you posted
    “Bank nifty Rollover cost is coming at 16860 High made was 16888 saw almost 300 point fall”
    While on Friday, BNF high was 16946 and close was 16888.
    Hmmm, I got it. your this line was in intraday context.

  3. Bramesh Post author

    As rollover can be done only in NF so price is for NF

  4. Bramesh Post author

    I am expecting a gap down opening on MOnday ..

  5. Atiq

    Hi Bramesh Sir,

    BankNifty LTP is 16,795 …….for Monday trade you mentioned buy above 16,750

    I always observed buy price is above the current price but this time is not….

    can you plz adivse the reason.

    Regards,
    Atiq

  6. Saumya

    Sir
    The rollover cost is based on future price or spot price. Please clarify
    Thanks

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