Bank Nifty forms Bullish ABCD pattern,EOD Analysis

By | March 4, 2017
  • As discussed in Last Analysis Bank Nifty opened gap up above 20850 and as soon as 20750 was broken moved back towards the lower end of range at 20500 low made was 20517, near the gann support line as shown below, As we have weekly closing tomorrow bulls would try to protect 20500 and bears will need a close below 20450 for further down move, If 20500 is held we can see again upmove towards 20750/20800. Weekly close was very dicey as Bulls were not able to close above 20500 and bears below 20450, Bank Nifty is forming a bullish ABCD pattern as shown below so if low of 20420 is held we can see a rally towards 20720/20900. Also we have held the lower level of gann support as soon as 20500 is taken out we can see rally towards 20720/20900. Bearish below 20400 for a move towards 20200/20000.  Key to mastery in Trading

  • Bank Nifty March Future Open Interest Volume is at 23.9 lakh with liquidation of 1.1, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @20877, High made was 20900 and closed below it.
  • 21000 CE is having highest OI @5.3 Lakh resistance at 21000 followed by 21500. 19000-21000 CE saw addition of .43 lakh in OI majority
  • 20000 PE is having highest OI @6.4 Lakh, strong support at 20500 followed by 20300, Bulls added 0.38 Lakh in OI in range of 19000-21000.

Buy above 20520 Tgt 20570,20650 and 20730 (Bank Nifty Spot Levels)

Sell below 20400 Tgt 20350,20260 and 20100 (Bank Nifty Spot Levels)

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