Bank Nifty close at gann trendline,EOD Analysis

  • As discussing in past analysis  Till we close above 17666 bulls are in control, So finally Bulls were able to close bank nifty below 17666 and just at the border of gann trendline. If we break 17500 tommrow we can see downmove till 17350/17055 else again we will trade in range of 17500-18000.  Bulls needs a close above 18051 for next move 18650-18750, Bears below 17500 for move towards 17350. Do you have Trading Regrets

bank nifty trendline gann

  • Bank Nifty June Future Open Interest Volume is at 17.7 lakh with liquidation of 0.13 lakh, with decrease in Cost of Carry suggesting long 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 @5.76 Lakh resistance formation @18000. 17000-19000 CE saw 0.37 lakh addition in OI so bears added again but no aggressive addition seen as close above 17666.
  • 17000 PE is having highest OI @6.7 Lakh, strong support at 17000 followed by 16500, Bulls added  0.42 Lakh in OI in 17000-19000 PE.

Buy above 17666 Tgt 17730,17820 and 17951 (Bank Nifty Spot Levels)

Sell below 17550 Tgt 17480,17420 and 17350 (Bank Nifty Spot Levels)

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