Bank Nifty EOD Analysis

By | December 2, 2016
  • As discussed in last analysis  Now Bulls need a close above 18700 for a move towards 19000/19300. Bears will get below 18400 for a move towards 18200. High made today was 18713 and low made was 18389 so bulls and bears both were unsuccessful in breaking the range on either side. 18700 is near the gann angle which will act as strong resistance till its crossed. Below 18400 another down move towards 18200/18000.  Why Traders are unable to Follow Your Trading Plan

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  • Bank Nifty Dec Future Open Interest Volume is at 19.6 lakh with addition of 0.52 lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty rollover @60.4 and Rollover cost @18580 closed below it.
  • 19000 CE is having highest OI @4.7 Lakh resistance at 19000. 18000-20000 CE saw addition of 1.7 lakh in OI so bears added in 19000  CE.
  • 18000 PE is having highest OI @ 6.9 Lakh, strong support at 18000 followed by 17500, Bulls added 1.9 Lakh in OI in range of 17500-20000 PE

Buy above 18520 Tgt 18630,18720 and 18810 (Bank Nifty Spot Levels)

Sell below 18400 Tgt 18310,18190 and 18000(Bank Nifty Spot Levels)

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