Bank Nifty does 21900 and saw intraday correction,EOD Analysis

By | April 18, 2017
  • As discussed in Last Analysis   Low made today was 21576 so bulls again held on to gann angle as shown in below chart suggesting game is on for the move towards 21800/21920/22111. Bearish below 21520 for a move towards 21400/21250.   Bank Nifty did the high of 21947 and did the 2 target of 21920, but saw the correction by the end of the day to close below 21700. Now bulls need to hold on to 21600 for a move towards 21900/22111. Importance of Profit booking and trailing sl.  Bearish below 21600 for a move towards 21480/21350.  TIMELESS STOCK TRADING RULES of WD Gann

  • Bank Nifty April Future Open Interest Volume is at 30.8 lakh with addition of 0.40 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 @5.5 Lakh resistance at 22000. 20500-22500 CE saw addition of 1.4  lakh in OI suggesting bears used the fall to add good amount of OI in range of 21700-22000.
  • 21500 PE is having highest OI @7.2 Lakh, strong support at 21300 followed by 21000, Bulls added 3.77 Lakh position in OI in range of 20500-22500 .

Buy above 21700 Tgt 21760,21820 and 21910 (Bank Nifty Spot Levels)

Sell below 21610 Tgt 21560,21450 and 21300 (Bank Nifty Spot Levels)

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