Bank Nifty continues downmove,EOD Analysis

  • As discussed in last analysis Bank Nifty is unable to close above the gann green arc and 16800 level, also unable to close below 16500 suggesting fight is on between bulls and bears, break of 16500 can see move towards 16350/16188 and break above 16800 can see fast move towards 17000.  Low made today was 16250, and High made was 16465 so unable to close above 16500 even though Bank Nifty was trading positive most part of the day, rise was used to short, now beak of 16188 we can see move towards 16000. Bullish on close above 16500. Stop Gambling Start Trading

Daily Gunner

  • Bank Nifty May Future Open Interest Volume is at 17.4 lakh with liquidation of 1.4lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost is coming at 16860 continue to trade below, Do you know your Risk of Ruin in trading ?
  • 17500 CE is having highest OI @5.4 Lakh resistance formation @17500 followed by 17000 . 16000-18000 CE saw 2.45 lakh addition in OI so bulls making resistance at higher levels as bank nifty close below 16500.
  • 16000 PE is having highest OI @4.2 Lakh, strong support at 16000 followed by 15500, Bulls liquidated 0.5  Lakh in OI in 16000-18000 PE as Bank nifty closed below 16500.

Buy above 16350 Tgt 16410,16465 and 16545 (Bank Nifty Spot Levels)

Sell below 16250 Tgt 16190,16115 and 16000 (Bank Nifty Spot Levels)

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