Bank Nifty does 19200 below 19500,EOD Analysis

By | November 2, 2016
  •  As discussed in Last analysis Bank Nifty took support near gann angles as shown in below chart, Holding 19500 we can see upmove towards 19700 but Bulls will get active only above 19700 for quick move towards 19900/20000. Bears below 19500 can quickly push towards 19300/19000. Bank Nifty closed below 19500 and just near the gann support line as shown in below chart, Unable to close above 19500 tomorrow bears will push nifty below 19300/19000. Bulls will get active above 19700 only in between choppy moves. Bank Nifty closed below 19500 yesterday and did the target of 19300 also in gap down as bank nifty was not able to close above gann angle, now the range of 19100-19113 is very important holding the same  and moving above 19252 can see move till 19543.  Close below 19000 can see fast move till 18850. Traders should -Specialize or Diversify

bank-nifty-breakdown

  • Bank Nifty Nov Future Open Interest Volume is at 19.2 lakh with addition of 1.91 lakh, with rise in Cost of Carry suggesting long positions were added today. Bank nifty closed below Rollover cost 19750. Do you know your Risk of Ruin in trading ?
  • 19500 CE is having highest OI @5.4 Lakh resistance at 19500. 19000-21000 CE saw addition of 1 lakh in OI so bears added aggressively in 19500 CE.
  • 19000 PE is having highest OI @7.8 Lakh, strong support at 19000 followed by 18500, Bulls added 1.2 Lakh in OI in 18500-20500 PE .

Buy above 19300 Tgt 19365,19434 and 19550 (Bank Nifty Spot Levels)

Sell below 19200 Tgt 19150,19090 and 19000 (Bank Nifty Spot Levels)

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