Bank Nifty fails to give follow move above 18051,EOD Analysis

  • As discussing in past analysis Close above 18051 is required for next move towards 18700 else bank nifty can fall towards 17700.  Bearish only on close below be extra cautious on long and if we do not see a close above 18051 today we can see decline towards 17800 in coming days. Bank Nifty failed to give follow upmove above  18051 today as  gann horizontal resistance acted as resistance as shown below. Also as per Supply demand analysis close below 17955 can see sharp decline towards 17800/17650.Bullish only on close above 18100 looking at current price action, Bearish below 17400 in between will be range bound move.  How Long Does It Take To Learn How To Trade?

nifty gann line resistance

  • Bank Nifty July Future Open Interest Volume is at 18.6 lakh with liquidation of 0.65  lakh, with increase 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 ?
  • 18500 CE is having highest OI @2.3 Lakh resistance formation @18500. 17000-19000 CE saw 0.50 lakh addition in OI so bears added aggressively at 18200/18500.
  • 17500 PE is having highest OI @3.77  Lakh, strong support at 17500 followed by 17000, Bulls added  0.34 Lakh in OI in 17000-19000 PE aggressive addition in 17600/17800 PE.

Buy above 18040 Tgt 18090,18175 and 18250(Bank Nifty Spot Levels)

Sell below 17950 Tgt 17900,17820 and 17700(Bank Nifty Spot Levels)

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