Will Bank Nifty Bulls do Weekly close above 20300,EOD Analysis

By | November 10, 2016
  • As discussed in last analysis 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 Support gave such a big rally of 2140 point in matter of 2 trading days.  Bank Nifty opened gap up above 19787 and fired up as we discussed. High made was 20283 near our target of 20200. Now Bulls need to close above 20300 for a move above 20500/20907. Bears will get active below 20000 for a target of 19732.  Bulls need a weekly close above 20300 as shown in below gann angle chart for a move towards life high. 

gann-angles

support

  • Bank Nifty Nov Future Open Interest Volume is at 19.5 lakh with addition of 0.64 lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Opened above rollover price of 19750 and fired 500 points.
  • 20500 CE is having highest OI @6.2 Lakh resistance at 20500. 19000-21000 CE saw addition of 5.3 lakh in OI so bears added aggressively in range of  20500/21000 CE expecting some cool down in bank nifty after 2000 points rally.
  • 19000 PE is having highest OI @9.2 Lakh, strong support at 19000 followed by 18500, Bulls added 7 Lakh in OI in 19000-21000 PE .

Buy above 20300 Tgt 20400,20492 and 20585 (Bank Nifty Spot Levels)

Sell below 20050 Tgt 19950,19890 and 19800 (Bank Nifty Spot Levels)

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