Bank Nifty continue to hold Gann Support zone,EOD Analysis

By | November 16, 2016
  • As discussed in last analysis Today’s low of 19240-19200 is very important support zone as per gann angles shown below,Close above 19300 upmove back towards 19732 and close above 19732 again move towards 20000.  Bears will get active below 19180 for a fast move towards 19000/18750. Nifty opened gap up unable to cross 19732 quickly gave a fall to fill gap and also closed below 19180 and low made 19088. Closing below 19000 which is gann angle support as shown in below chart bank nifty can move towards 18800/18612. Bullish only on close above 19300. How to Keep Your Cool When Trading

bank-nifty-support

  • Bank Nifty Nov Future Open Interest Volume is at 24.1 lakh with addition of 1.7 lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty continued to trade below rollover price @19750 and corrected 400 points.
  • 20000 CE is having highest OI @8.2 Lakh resistance at 20000. 18500-20500 CE saw addition of 3.1 lakh in OI so bears added aggressively in range of 19500/19800 CE.
  • 18500 PE is having highest OI @8.9 Lakh, strong support at 18500 followed by 19000, Bulls added 1.3 Lakh in OI in 18500-20500 PE .

Buy above 19270 Tgt 19350,19450 and 19600 (Bank Nifty Spot Levels)

Sell below 19050 Tgt 18930,18850 and 18745 (Bank Nifty Spot Levels)

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