Bank Nifty does 300 point target,EOD Analysis

  • As discussed in past analysis  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.  Bank Nifty did not break 18550 and once above 18720 bulls were on rampage and did the 300 points target so gann arc helped again to be on right side of trend, High made was 19035. Now Bulls need to close above 19160 for next move towards 19376, bears are active  below 18711 only  Trading Lesson Learnt From my Trading Guru Part-II

bank nifty gann arc resista

  • Bank Nifty July Future Open Interest Volume is at 17.8 lakh with liquidation of 1.5 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 ?
  • 19000 CE is having highest OI @6.5 Lakh resistance formation @19000. 18500-19500 CE saw 0.19 lakh addition in OI so bears are adding aggressive position in 19100-19500 CE.
  • 18500 PE is having highest OI @6.2 Lakh, strong support at 18500 followed by 18700, Bulls added  9.6 Lakh in OI in 18500-19000 PE aggressive addition in 18700-19000 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 19050 Tgt 19150,19230 and 19358 (Bank Nifty Spot Levels)

Sell below 18860 Tgt 18780,18700 and 18600 (Bank Nifty Spot Levels)

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