Bank Nifty forms DOJI, EOD Analysis

  • As discussed in Last analysis  As seen in below chart we are again near a trend change as prices are near horizontal line, suggesting if 18443-18500 is held we can again see a move till 18900-19000 range.  Low made today was 18537 and bank nifty formed DOJI near the horizontal line suggesting trend change can happen tomorrow. Break of 18700 will signify we can see another move towards 19000 range.  Why Traders lose money  Part-II

bank nifty gann analysis

  • Bank Nifty Aug Future Open Interest Volume is at 17.1  lakh with liquidation of 1.8 lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty closed below Rollover cost  19030,made exact high at 19030 yesterday and corrected almost 400 points.  Do you know your Risk of Ruin in trading ?
  • 19500 CE is having highest OI @6 Lakh resistance formation @19500. 18500-20500 CE saw 0.2 lakh addition in OI so bears liquidated heavily in 19200 CE.
  • 18500 PE is having highest OI @5.1 Lakh, strong support at 18500 followed by 18000, Bulls added 0.73 Lakh in OI in 17500-19500 PE  so bulls making support in zone of 18500.

Buy above 18750 Tgt 18880,18950 and 19158 (Bank Nifty Spot Levels)

Sell below 18600 Tgt 18510,18375 and 18140 (Bank Nifty Spot Levels)

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