Bank Nifty continue to trade between gann arc

By | February 15, 2017
  • As discussed in Last Analysis  Bullish above 20350 for move towards 20500/20750/21000. Bearish below 20000 for move towards 19750/19500. 15 Feb is important date as per time analysis,hopefully we should see trending move tomorrow.  High made today was 20368 but as bank nifty did not sustain above that level for 5 mins so no longs were taken, Low made was 20115 near Gann Arc which again came to rescue of bulls, Its been 8 trading days we are stuck in gann arc, and we still did not get any trending move as we were expecting. Plan remains the same long above 20350 for a move till 20500/20750. Bearish below 20000 for a move till 19794/19500. How to Prepare for a trading day

  • Bank Nifty Feb Future Open Interest Volume is at 27.5 lakh with liquidation of 0.68 lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @19080.
  • 21000 CE is having highest OI @7.6 Lakh resistance at 20500 followed by 21000. 19000-21000 CE saw addition of 3.2 lakh in OI so bears added in 20500-21000 CE.
  • 19500 PE is having highest OI @6.5 Lakh, strong support at 19500 followed by 19000, Bulls liquidated 0.55 Lakh in OI in range of 19500-20000.

Buy above 20220 Tgt 20300,20430 and 20550 (Bank Nifty Spot Levels)

Sell below 20100 Tgt 20000,19800 and 19650 (Bank Nifty Spot Levels)

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