Bank Nifty continue to trade below gann arc,EOD Analysis

By | November 3, 2016
  •  As discussed in Last analysis  Bank Nifty closed below 19500 yesterday and did the target of 19300 also in gap down as bank nifty was not able to close above gann angle, now the range of 19100-19113 is very important holding the same  and moving above 19252 can see move till 19543.  Close below 19000 can see fast move till 18850. Low mad today was 19119 so bulls were able to protect 19100-19113 range but were unable to close above 19252, Bulls need a close above 19252 for a move towards 19500/19750,Bear need close below 19100 for move towards 19000/18850.  Traders should -Specialize or Diversify

bank-nifty-breakdown

  • Bank Nifty Nov Future Open Interest Volume is at 19.1 lakh with liquidation of 0.15 lakh, with fall in Cost of Carry suggesting long positions were closed today. Bank nifty closed below Rollover cost 19750. Do you know your Risk of Ruin in trading ?
  • 19500 CE is having highest OI @6.1 Lakh resistance at 19500. 19000-21000 CE saw addition of 1.6 lakh in OI so bears added aggressively in 19500 CE.
  • 19000 PE is having highest OI @8 Lakh, strong support at 19000 followed by 18500, Bulls added 1 Lakh in OI in 18500-20500 PE .

Buy above 19220 Tgt 19290,19410 and 19490 (Bank Nifty Spot Levels)

Sell below 19090 Tgt 19000,18890 and 18800 (Bank Nifty Spot Levels)

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