Bank Nifty complete Cypher Pattern,EOD Analysis

  • As discussed in Last analysis  Bank Nifty made low of  18444 unable to close below 18550 suggesting bears are still on back-foot as not able to break the market below the support zone of 18550.  Bank Nifty is still unable to close above the gann falling trendline as shown in below figure, so bears need close below 18550 and bulls above 18750 above vertical falling trendline for a trending move to happen of 300-400 points.Also we are falling cypher harmonic pattern suggesting we can see move till 18980 , so both gann and harmonic studies are meeting and signalling move on upside if we close above 18550. Bank Nifty opened gap up and as soon as it moved above 18750 which is above gann line bulls came aggressively and moved the index sharply on upside. Bank Nifty almost did the cypher pattern target, Bulls now need a close above 19158 for a move till 19500.   THE SHARK BAIT STORY

Bank Nifty Harmonic


bank nifty gann analysis


  • Bank Nifty Aug Future Open Interest Volume is at 18.4  lakh with addition of 0.79 lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty closed below Rollover cost  19030 closed below it.  Do you know your Risk of Ruin in trading ?
  • 19500 CE is having highest OI @5.1 Lakh resistance formation @19500. 18500-20500 CE saw 0.72  lakh liquidation in OI so bears booking profit as bank nifty nearing 19000.
  • 18500 PE is having highest OI @4.1 Lakh, strong support at 18500 followed by 18000, Bulls liquidated 0.61 Lakh in OI in 17500-19500 PE  so bulls making support in zone of 18500.

Buy above 19050 Tgt 19158,19230 and 19500 (Bank Nifty Spot Levels)

Sell below 18900 Tgt 18860,18780 and 18650 (Bank Nifty Spot Levels)

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  1. Sharu said:

    Hi Ramesh – The harmonic Pattern you have displayed for Bank Nifty is Bearish Cypher Pattern, whereas in your “Nifty heading towards new 52 week high,EOD Analysis”, you have mentioned as “Bank Nifty forms Bullish Cypher Pattern”

    August 7, 2016
  2. Bramesh said:

    thanks All its corrected..

    August 6, 2016
  3. Vijay said:

    Hi Ramesh, You last line of the 1st paragraph says “Bulls now need a close above 19158 for a move till 18500”. I believe it should be “Bulls now need a close above 19158 for a move till 19500”

    August 6, 2016
  4. John said:

    Hi Requesting you to check the below statement in your post. Instead of 19XXX , you had mentioned 18XXX.Please check .”Bulls now need a close above 18158 for a move till 18500. ”
    And on the other side, I would like to know where we can find this Gann Square of arc tool that you are using. I am not able to find it in amibroker. Could you please help. Thanks

    August 6, 2016
  5. bharat said:

    Sir..correction req in ur banknifty ..last line levels of 19158 r to be there instead of 18158

    August 6, 2016

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