Will Bank Nifty Break 17500,EOD Analysis

  • As discussed in last analysis  Now next bullish move on close above 18030 for target of 18500/18758. Bearish only on close below 17500. High made today was 17666 and low made was 17527 near the gann horizontal line, If Bulls are unable to close above 17666 in next 2 days and break of 17500 we can see quick down move towards 17350 towards the gann trendline. THE PREGNANT DEER

bank nifty trendline break

  • Bank Nifty June Future Open Interest Volume is at 15.9 lakh with liquidation of 1.58 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 @5.8 Lakh resistance formation @18000. 17000-19000 CE saw 0.91  lakh addition in OI so bears added in 18000 CE and booked profit in 19000 CE.
  • 17000 PE is having highest OI @5.8 Lakh, strong support at 17000 followed by 16500, Bulls liquidated 1.12 Lakh in OI in 17000-19000 PE as close below 17670.

Buy above 17600 Tgt 17665,17750 and 17850 (Bank Nifty Spot Levels)

Sell below 17500 Tgt 17450,17400 and 17350 (Bank Nifty Spot Levels)

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