Bank Nifty ready for trending move, EOD Analysis

By | November 29, 2016
  • As discussed in last analysis  Bank Nifty again took support at the gann angles as shown in below chart, Gann angles has provided support 3 times in past few days, Bulls should push the prices above 18400 for a move towards 18669/18800 else the support will be broken . High made today was 18427 so bulls unable to hold above 18400 and bears unable to break 18200. 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.  Why Traders are unable to Follow Your Trading Plan

bank-nifty-support

  • Bank Nifty Dec Future Open Interest Volume is at 21.4 lakh with addition of 1.56 lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty rollover @60.4 and Rollover cost @18580.
  • 19000 CE is having highest OI @4 Lakh resistance at 19000. 18000-20000 CE saw addition of 0.66 lakh in OI so bears added  in range of 19000/19500 CE.
  • 18000 PE is having highest OI @5.4 Lakh, strong support at 18000 followed by 17500, Bulls added 1 Lakh in OI in range of 17500-20000 PE

Buy above 18280 Tgt 18370,18500 and 18610 (Bank Nifty Spot Levels)

Sell below 18180 Tgt 18130,18050 and 17900 (Bank Nifty Spot Levels)

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6 thoughts on “Bank Nifty ready for trending move, EOD Analysis

  1. Harshal

    Superb analysis Bramesh Sir. Really helpful.
    Keep posting the important resistances and support levels. Bank nifty now seems to be on its way to 18700-19000 as per Gann analysis.

  2. Karthik

    Bramesh, it looks like you are going into the future and telling us the prediction here! LOL! What a move today!

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