Bank Nifty cracks below gann angle,EOD Analysis

By | November 21, 2016
  • As discussed in last analysis  Next Week will be very interesting as we can see move of 400-600 points in 1-2 days as price do not stay near gann angles for long. Bulls will become active above 19000 for a move till 19220/19450. Bears are already active below 19000 and can push nifty towards 18750/18600 till trading below 19000. We expected a 400-600 point fall,and we got today and bank nifty moved from 1 gann angle to another gann angle as seen in below chart. Now range of 18300-18250 is important as its gann number and also gann angle so holding this we can see relief rally till 18625/18800. Bearish below 18250 for a move towards 18000/17800  The Success Story Of Arnold Schwarzenegger

bank-nifty-support

  • Bank Nifty Nov Future Open Interest Volume is at 16.6 lakh with liquidation of 8 lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty continued to trade below rollover price @19750 and corrected 400 points.
  • 19500 CE is having highest OI @10 Lakh resistance at 19500. 18500-20500 CE saw addition of 17.2 lakh in OI so bears added aggressively in range of 18700/19000 CE.
  • 18000 PE is having highest OI @6.5 Lakh, strong support at 18000 followed by 17500, Bulls liquidated 4.7 Lakh in OI in 18500-20500 PE  major liquidation was seen by bears.

Buy above 18625 Tgt 18720,18800 and 18900 (Bank Nifty Spot Levels)

Sell below 18350 Tgt 18180,18000 and 17900 (Bank Nifty Spot Levels)

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3 thoughts on “Bank Nifty cracks below gann angle,EOD Analysis

  1. AKHILESH KUMAR SAXENA

    Dear Sir , Thanks for wonderful analysis. Kindly confirm OI of banknifty fututre . On nseindia.com it is showing 25 lac on 21st Nov.

    Thanks

  2. SMEET SINGLA

    hlo sir I m sumit singla

    plz update something on gold ……..

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