Bank Nifty close above 19000 before July Expiry,EOD Analysis

  • As discussed in past analysis  Holding 18780/18810 Bulls can make one more attempt to close above 19000. Bulls will be active above 19160 and bears below 18711 in between again sideways range. Bank Nifty made high of 19125, low of 18882 so the move till 19000 was done as we expected yesterday, Bank Nifty finally was able to close above 19000 only which as per gann suggests we are entering in next orbit and bank nifty can move till 19374/19509. Bearish only on close below 18711.   Trading Confidence

bank nifty gann arc resista

  • Bank Nifty July Future Open Interest Volume is at 13  lakh with liquidation of 2.3 lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover is 75 % Rollover cost is coming at 17722  Do you know your Risk of Ruin in trading ?
  • 19500 CE is having highest OI @5.7Lakh resistance formation @19000. 19200-19300 CE saw 4.1 lakh addition in OI so bears are adding aggressive position in 19200-19300 CE.
  • 19000 PE is having highest OI @4.5 Lakh, strong support at 18900 followed by 18700, Bulls added 2.2 Lakh in OI in 18800-19000 PE  so bulls making expiry base over 18800.

Buy above 19060 Tgt 19140,19250 and 19360 (Bank Nifty Spot Levels)

Sell below 18988 Tgt 18900,18780 and 18650 (Bank Nifty Spot Levels)

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One Comment

  1. V. RAMESH said:

    Above 19075 bank nifty will touch 19125. Break of 19125 will take to targets of 19190/19230/19275/19315. These targets we can expect on expiry day i.e. tomorrow

    July 27, 2016

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