Bank Nifty Bounces from Gann Support zone,EOD Analysis

By | April 10, 2017
  • As discussed in Last Analysis    High made today was 21616 and low was 21397 so bulls break the 21500 and saw a quick fall towards 21397 which is gann angle support as seen in below chart, Any close below 21397 we can see fall towards 21220. Bullish above 21500 for a move towards 21700.  Bank Nifty bounced from the gann angle support low made today was again 21396  and closed above 21500 suggesting bulls used gann angle support of 21397 to bounce back, Now holding above 21500 we can see move towards 21620/21700. Bearish below 21390 for a move towards 21250/21100 Traders Success Model

  • Bank Nifty April Future Open Interest Volume is at 29.5 lakh with addition of 1 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @21316, closed above it and Rollover % at 65.2
  • 22000 CE is having highest OI @5.2 Lakh resistance at 22000. 20500-22500 CE saw liquidation of 0.96 lakh in OI suggesting bears are booking partial profits in 20500 zone.
  • 21500 PE is having highest OI @5.3 Lakh, strong support at 21300 followed by 21000, Bulls added 1.6 Lakh position in OI in range of 20500-22500 .

Buy above 21530 Tgt 21582,21650 and 21740 (Bank Nifty Spot Levels)

Sell below 21480 Tgt 21435,21330 and 21250 (Bank Nifty Spot Levels)

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2 thoughts on “Bank Nifty Bounces from Gann Support zone,EOD Analysis

  1. Karunakaran

    Sir , How do we set Stop Loss for the Buy and Sell you are providing in the NIFTY and BANKNIFTY

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