Will Bank Nifty close above top of gann arc,EOD Analysis

  • As discussing in past analysis Bulls need to close above 17600 for bullish move, bears will become active on trading below 17350 and see an impulsive downsmove  towards 17150/16950. Bank Nifty made low of 17481 and high of 17626 so trading in the range and not breaking both 17600 and 17350, Bank Nifty is slowly approaching the top end of green arc which lead to last big fall so time to be cautious in next 2 trading session. Break of 17350 on Hourly basis can lead to swift fall towards 17150/16950 and on upside close above 17722 will lead to move towards 18050 How to deal with Negative Emotions in Day Trading

bank nifty gann arc resistance

  • Bank Nifty June Future Open Interest Volume is at 12.9 lakh with liquidation of 3.6 lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost is coming at 16995,Low made was 16910 and bounced 450 points on Friday. Do you know your Risk of Ruin in trading ?
  • 18000 CE is having highest OI @7.3 Lakh resistance formation @18000. 17000-19000 CE saw 1.5 lakh addition in OI so bears added aggressively at 17500/17600.
  • 17000 PE is having highest OI @9.6 Lakh, strong support at 17000 followed by 16500, Bulls added  2.2 Lakh in OI in 16000-18000 PE aggressive addition in 17300/17400 PE.

Buy above 17650 Tgt 17700,17775 and 17900 (Bank Nifty Spot Levels)

Sell below 17540 Tgt 17490,17420 and 17350(Bank Nifty Spot Levels)

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One Comment

  1. alkesh said:

    looks like bank nifty will not cross gann arc and will fall to support

    June 29, 2016

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