Bank Nifty Continue to face resistance near Gann Angle,EOD Analysis

By | April 5, 2017
  • As discussed in Last Analysis    Bulls need to cross above 21700 which is gann angle resistance as shown in below chart. Strong support in range of 21330-21374 and till we are trading below 21500 bears can see move till 21330. Bullish only on close above 21700. High made today was 21699 and low made was 21499 so bank nifty traded on border line of both bulls and bears before the RBI Policy. RBI Policy will be out by 2:30 so plan remains the same buy above 21700 for a move towards 21797/21900.Bearish below 21500 for a move towards 21330/21150.  Mastering the Mental Game

  • Bank Nifty April Future Open Interest Volume is at 27.3 lakh with addition of 1 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @21316, closed above it and Rollover % at 65.2
  • 22000 CE is having highest OI @4.5 Lakh resistance at 22000. 20500-22500 CE saw addition of 1.14 lakh in OI suggesting bears are making resistance in range of 21800/22000.
  • 21500 PE is having highest OI @5.4 Lakh, strong support at 21300 followed by 21000, Bulls added 3 Lakh position in OI in range of 20500-22500 .

Buy above 21700 Tgt 21797,21860 and 21940 (Bank Nifty Spot Levels)

Sell below 21600 Tgt 21540,21430 and 21330 (Bank Nifty Spot Levels)

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