Bank Nifty does 18700 below 18950, EOD Analysis

  • As discussed in Last analysis   Bearish on close below 18950 for move towards 18711. Bank Nifty moved above 19000 but came down below 18950 hitting SL on long, but short were rewarded handsomely as it did the target of 18711. Further bearishness can be seen below 18550 for move till 18280/18070. For next 2 days close above 18814 can see fast move till 19000. Bullish above 19158 for move till 19374/19509.  Tested Classic Stock Trading Rules-I

bank nifty gann analysis

  • Bank Nifty Aug Future Open Interest Volume is at 18.8  lakh with addition of 1.6 lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty closed below Rollover cost  19030 gave 300 point downmove.  Do you know your Risk of Ruin in trading ?
  • 19500 CE is having highest OI @4.2 Lakh resistance formation @19500. 18500-20500 CE saw 2.4 lakh addition in OI so bears are adding aggressive position in 19500-20000 CE.
  • 18500 PE is having highest OI @3.5 Lakh, strong support at 18500 followed by 18000, Bulls added 0.77 Lakh in OI in 18500-20500 PE  so bulls support in zone of 18500.

Buy above 18830 Tgt 18920,19000 and 19158 (Bank Nifty Spot Levels)

Sell below 18700 Tgt 18640,18560 and 18380 (Bank Nifty Spot Levels)

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One Comment

  1. Hiren said:

    Bank Nifty is keeping pretty frustrated. Nifty/Sensex stays flat while BNF underperforms.

    August 1, 2016

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