Bank Nifty continue to trade below 20491, EOD Analysis

  • As discussed in Last analysis  Bank Nifty almost did the Wolf Wave pattern as we discussed, Now range of 20600-20675  is very cruical as this is next important gann level to be watched before heading towards all time high. Bears will get active below 20100 only. High made today was 20477, and close below 20491, Low made was near gann arc . Bulls need a close above 20491 and also close above 20675 for a next move towards the all time high. Bears have chance only below 19990. As per gunner chart we can expect another impulsive move of 200-300 point in next 2 trading session.  Bank Nifty still unable to close above 20491 and continue to move down, but still unable to break 20100, Bears need close below 20100 for a quick move towards 19928/19758. Bulls only active above 20491. What is true happiness in life?


  • Bank Nifty Sep Future Open Interest Volume is at 27.3 lakh with liquidation of 1.6 lakh, with rise in Cost of Carry suggesting short positions were added today. Bank nifty closed above Rollover cost ,rallied 1000 points.  Do you know your Risk of Ruin in trading ?
  • 20000 CE is having highest OI @6 bears not covering major shorts eventhough bank nifty closed way above 20000 . 18500-20500 CE saw 0.43  lakh addition in OI so bears are adding in 20500 CE.
  • 19000 PE is having highest OI @9.6 Lakh, strong support at 19000 followed by 19500, Bulls added 1.5 Lakh in OI in 18500-20500 PE  so bulls making support in zone of 19800-19900 zone.

Buy above 20250 Tgt 20350,20450 and 20600(Bank Nifty Spot Levels)

Sell below 20100 Tgt 20030,19920 and 19800 (Bank Nifty Spot Levels)

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One Comment

  1. Haresh said:

    Very good sirji

    September 11, 2016

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