Bank Nifty does ABCD pattern target,EOD Analysis

By | November 7, 2016
  •  As discussed in Last analysis  Bank Nifty is forming a Bullish ABCD pattern which got completed in the range of 18950-18961, so holding this range we can see bounce back till 19252/19400. Bearish below 18950 for a target of 18850/18750. Bank Nifty showed effect of bullish ABCD pattern and made high of 19378 near target of of 19400. Bank Nifty closed above 19252 suggesting move till 19666 on cards till 19252 is held. Break of 19252 will lead fast move towards 19000 and below it 18750  Arrogance, in varied degrees, before the fall starts

support

  • Bank Nifty Nov Future Open Interest Volume is at 17.9 lakh with liquidation of 1.5 lakh, with decrease 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 @6.7 Lakh resistance at 19500. 19000-21000 CE saw addition of 1.66 lakh in OI so bears added aggressively in 20000 CE.
  • 19000 PE is having highest OI @9.1 Lakh, strong support at 19000 followed by 18500, Bulls added 1.84 Lakh in OI in 18500-20500 PE .

Buy above 19420 Tgt 19470,19550 and 19666 (Bank Nifty Spot Levels)

Sell below 19300 Tgt 19250,19180 and 19100 (Bank Nifty Spot Levels)

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