Will Bank Nifty again bounce from Gann Support zone,EOD Analysis

By | November 15, 2016
  • As discussed in last analysis Bulls again failed to close above 20300 on weekly basis,but continue to hold our support at 19732. Bulls need to hold 19732-19650 range for another move towards 20000/20232. Bank Nifty was not able to hold 19732 and gave the fall. Today’s low of 19240-19200 is very important support zone as per gann angles shown below,Close above 19300 upmove back towards 19732 and close above 19732 again move towards 20000.  Bears will get active below 19180 for a fast move towards 19000/18750.

bank-nifty-support

  • Bank Nifty Nov Future Open Interest Volume is at 22.4 lakh with addition of 2.8 lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty continued to trade below rollover price @19750 and corrected 400 points.
  • 20000 CE is having highest OI @7.3 Lakh resistance at 20000. 18500-20500 CE saw addition of 2.34  lakh in OI so bears added aggressively in range of 19500/19800 CE.
  • 18500 PE is having highest OI @10.3 Lakh, strong support at 18500 followed by 19000, Bulls added 3.4 Lakh in OI in 18500-20500 PE .

Buy above 19450 Tgt 19550,19670 and 19850 (Bank Nifty Spot Levels)

Sell below 19200 Tgt 19100,19000 and 18852 (Bank Nifty Spot Levels)

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