Bank Nifty rallies 1300 point from Gann Support,EOD Analysis

By | November 10, 2016
  • Uncertain Times Requires more Simple techniques to trade, As the saying goes Keep it Simple and Stupid, Below Gann Analysis Chart has been discussed in Weekly Analysis We saw the gap down opening below 19252 on overnight events of Surgical Strike on Black Money and Donald becoming President which most of traders were not able to capitalized if not holding overnight shorts but using the Gann Analysis traders should have been able to capture the bottom and the massive rally of 1300 points, On Hindsight looks good but taking decision in live market can only be possible when you TRUST your system and very very strong in your risk and money management, Bulls need a close above 19600 for a move towards 19732/19900/20200. Bears will get active below 19350 for a fast move towards 19252/19000.

gann-angles

  • Bank Nifty Nov Future Open Interest Volume is at 18.8 lakh with addition of 2 lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty closed below Rollover cost 19750.
  • 19500 CE is having highest OI @5.9 Lakh resistance at 19500. 19000-21000 CE saw liquidation of 0.82 lakh in OI so bears ran for cover  in 19500/20000 CE.
  • 19000 PE is having highest OI @9.3 Lakh, strong support at 19000 followed by 18500, Bulls liquidated 1.8 Lakh in OI in 18500-20500 PE .

Buy above 19600 Tgt 19660,19725 and 19920 (Bank Nifty Spot Levels)

Sell below 19500 Tgt 19360,19200 and 19050 (Bank Nifty Spot Levels)

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