Bank Nifty took support at gann trendline, EOD Analysis

  • As discussed in Last analysis  Bulls need close above 19367  for target of 19650/19766, Bears below 19000 for target of 18800/18500. Till 19158 is not broken its buy on dips market. Low made was 19246 near the gann horizontal line as seen in below chart, High near 19372, Bank Nifty bears unable to break 19158 and Bulls were unable to break 19367 suggesting fight is on in between both of them, Bulls need a close above 19367 and bears below  19158, As discussed before 23-24 very important date for trend change, today we saw a fast move in closing hours which suggests trend change can happen if we close above 19367 tomorrow.  Are you Addicted to trading ?

bank nifty _new

  • Bank Nifty Aug Future Open Interest Volume is at 18.1  lakh with liquidation of 1 lakh, with rise in Cost of Carry suggesting short positions were closed today. Bank nifty closed above Rollover cost  19030,fired 400 points.  Do you know your Risk of Ruin in trading ?
  • 19500 CE is having highest OI @11.3 Lakh resistance formation @19500. 18500-20500 CE saw 1.4 lakh addition in OI so bears added heavily in 19500-19800 CE.
  • 19000 PE is having highest OI @7.7 Lakh, strong support at 19000 followed by 18800, Bulls added 1.42 Lakh in OI in 17500-19500 PE  so bulls making support in zone of 18800-19000 zone.

Buy above 19400 Tgt 19460,19600 and 19700(Bank Nifty Spot Levels)

Sell below 19300 Tgt 19250,19200  and 19150 (Bank Nifty Spot Levels)

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One Comment

  1. SK said:

    Whats your say on Nifty.Will you be publishing any analysis?

    August 23, 2016

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