Bank Nifty does gann target of 18550,EOD Analysis

  • As discussed in past analysis  Bank Nifty reacted from gann arc furiously , closed at 18674 below 18700 suggesting bears have become active. Now we can see fast move towards 18550 if we do not close above 18700 tomorrow for 1 hour. Bullish on close above 18780 for target of 18900/19103. Bank Nifty made low of 18551 doing our target below 18700 and close just at 18690. Bank Nifty is still trading between the gann arcs, suggesting we should get breakout soon either on close above 18710 or below 18550 for 250-300 points move. Bulls will become active above 18720 and we can see fast move towards 18968. Bears now will become active below 18550 for a move till 18398. Trading Lesson Learnt From my Trading Guru Part-II

bank nifty gann arc resista

  • Bank Nifty July Future Open Interest Volume is at 19.3 lakh with liquidation of 1.7 lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover is 75 % Rollover cost is coming at 17722  Do you know your Risk of Ruin in trading ?
  • 19000 CE is having highest OI @7.3 Lakh resistance formation @19000. 17000-19000 CE saw 2.1 lakh addition in OI so bears are adding aggressive position in 18800-19000 CE.
  • 18000 PE is having highest OI @6.8 Lakh, strong support at 18000 followed by 17500, Bulls added  8.7 Lakh in OI in 17000-19000 PE aggressive addition in 18000-18300 PE. 18000-18500 PE added 6.6 lakh in OI with 4 days left for expiry suggesting we can see good move during expiry week.

Buy above 18780 Tgt 18901,19000 and 19150 (Bank Nifty Spot Levels)

Sell below 18620 Tgt 18550,18420 and 18350 (Bank Nifty Spot Levels)

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