Bank Nifty gives trending move as per gann analysis,EOD Analysis

By | November 1, 2016
  • As discussed in last analysis  Price has been near gann angles from past few days sugesting trending move is round the corner, Bulls will get active above 18400 for target of 18700/19000 and bears below 18200 for a move towards 18000/17910. Bank Nifty gave a trending move as we expected again Gann Analysis gives an edge, Bank Nifty made high of 18667 near our target of 18700 above 18400. Now Bulls need a close above 18700 for a move towards 19000/19300. Bears will get below 18400 for a move towards 18200.  Why Traders are unable to Follow Your Trading Plan

gann-angles-support-8080

  • Bank Nifty Dec Future Open Interest Volume is at 19.08 lakh with liquidation of 2.3 lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty rollover @60.4 and Rollover cost @18580 closed above it.
  • 19000 CE is having highest OI @3.8 Lakh resistance at 19000. 18000-20000 CE saw liquidation of 0.30 lakh in OI so bears liquidated in 19000  CE.
  • 18000 PE is having highest OI @5.8 Lakh, strong support at 18000 followed by 17500, Bulls added 1.3 Lakh in OI in range of 17500-20000 PE

Buy above 18670 Tgt 18770,18850 and 18920 (Bank Nifty Spot Levels)

Sell below 18480 Tgt 18370,18262 and 18180(Bank Nifty Spot Levels)

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