Bank Nifty reacts from Supply zone,EOD Analysis

  • As discussed in last analysis  Next move will only happen on close above 17700 for move towards 18000. Bearish on close below 17000. Range of 17500-17650 is important supply zone. High made today was 17666 at gann arc ,corrected all the way till 17484. Bulls need a close above 17670 for next mvoe till 18000 and bears will get active only on close below 17077.  When Trading, You Are Your Own Worst Enemy What is the main Reason for Your Trading Loss, We are running POLL on Twitter Please participate

gann arc supply zone

  • Bank Nifty May Future Open Interest Volume is at 17 lakh with liquidation of 0.35 lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost is coming at 16995 closed above it. Do you know your Risk of Ruin in trading ?
  • 18000 CE is having highest OI @3.3 Lakh resistance formation @18000. 17000-19000 CE saw 1.86 lakh addition in OI so bears forming resistance at higher levels.
  • 17000 PE is having highest OI @3.6 Lakh, strong support at 17000 followed by 16500, Bulls added 1.96  Lakh in OI in 17000-19000 PE.

Buy above 17600 Tgt 17675,17800 and 17950 (Bank Nifty Spot Levels)

Sell below 17450 Tgt 17380,17300 and 16250 (Bank Nifty Spot Levels)

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