Bank Nifty close above 17955 but below 18100,EOD Analysis

By | July 9, 2016
  • As discussing in past analysis Bullish only on close above 18100 looking at current price action, Bearish below 17400 in between will be range bound move. Bank Nifty made high of 18079 but unable to close above 18100. We has 4 small days near gann horizontal line suggesting big move in round the corner. 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. Chris Gardner from Homeless to Inspiration

bank nifty gann arc resistance

Support

 

  • Bank Nifty July Future Open Interest Volume is at 18.8 lakh with addition of 0.17  lakh, with increase in Cost of Carry suggesting Long positions were added 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 @3.3 Lakh resistance formation @18500. 17000-19000 CE saw 3 lakh addition in OI so bears added aggressively at 18500 CE.
  • 17000 PE is having highest OI @4.7  Lakh, strong support at 17000 followed by 17500, Bulls added  2.4 Lakh in OI in 17000-19000 PE aggressive addition in 18000 PE. Expect big move in next 2 days.

Buy above 18100 Tgt 18170,18261 and 18400(Bank Nifty Spot Levels)

Sell below 17900 Tgt 17840,17750 and 17600(Bank Nifty Spot Levels)

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3 thoughts on “Bank Nifty close above 17955 but below 18100,EOD Analysis

  1. Sheshnath

    Dear Brahmesh sir, As per above there is increase in OI although minor but decrease in CoC which as per you article “Understanding Cost of Carry for Nifty and Stock Futures” statement ‘For a rising OI,an increase in CoC indicates accumulation of long(or bullish) positions, while an accompanied fall in the CoC indicates addition of short positions and bearishness.’ so does this mean addition of short positon or closure of short position?

    Please help me understand as I m trying to learn and understand from your articles.

    Thanks,
    Sheshnath

  2. Hiren

    American and European markets are diverging.

    Since last couple of days, even price action at 18000 is confusing.

    Waiting for it to get clear.

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