Will Bank Nifty break gann arc, hit 21000,EOD Analysis

By | March 1, 2017
  • As discussed in Last Analysis Bank Nifty continued to trade below 20750, made low of 20560 still did not meet our target of 20500.Bullish only on close above 20800 for a move towards 21000/21200.  Bank Nifty did not did our target of 20500 and whipsaw the trade as we went up and close above 20750 thus stoping out trades who were short, As we also failed to close above 20800 so both bulls and bears are in neutral zone. Close above 20850 we need to enter the green arc Bulls can again scale back to 20200/202500. Bearish below 20750 for a move towards 20500/20300. Learn from Your Trading Mistakes

  • Bank Nifty March Future Open Interest Volume is at 26.5 lakh with addition of 0.14, with decrease 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 @5.4 Lakh resistance at 21000 followed by 21500. 19000-21000 CE saw liquidation of 0.26 lakh in OI.
  • 20000 PE is having highest OI @5.8 Lakh, strong support at 20500 followed by 20300, Bulls added 1.36 Lakh in OI in range of 19000-21000.

Buy above 20860 Tgt 20920,21000 and 21200 (Bank Nifty Spot Levels)

Sell below 20750 Tgt 20700,20600 and 20520 (Bank Nifty Spot Levels)

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