Will Bank Nifty hold gann arc for next 2 days,EOD Analysis

  •  As discussed in Last Analysis 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.  Bank Nifty today closed below the demand zone of 15700 but took support at gann arc as shown below, If we close below todays low of 15550 we can see fast move towards 15300/15250, else can see fast up move above 15700 towards 15950/16000.  The Confident Trader

gann arc support



  • Bank Nifty April Future Open Interest Volume is at 17.6  lakh with liquidation of 0.006 lakh, with increase in Cost of Carry suggesting short positions were closed 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 @6 Lakh resistance formation @16500. 15000-17000 CE added 3.7 lakh so bear making wall on resistance near 16000-16100 as Bank Nifty closed below the supply zone of 16000.
  • 15000 PE is having highest OI @5.3 Lakh, strong support at 15000 followed by 15500, Bulls again added small qty of 0.2 Lakh in OI in 15000-17000 PE as bank nifty closed below the demand zone of 15700 so bulls not adding aggresively

Buy above 15670 Tgt 15720,15840 and 15920 (Bank Nifty Spot Levels)

Sell below 15611 Tgt 15550,15480 and 15350 (Bank Nifty Spot Levels)

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