Bank Nifty moves from 1 Gann Angle to another,EOD Analysis

By | October 11, 2017
  • As discussed in Last Analysis    Finally we saw the breakout above 24270 and did the first target of 24358 on trend change date ,Now till 24270 is held we can move ahead till 24476/24600. Bearish below 24200 for a move till 24100/23963. Bank Nifty bulls continue to move higher failed to do target of 24476 as high made was 24460 at gann angle as shown in below chart panic selling we saw in afternoon session and as soon as 24270 was broken we saw fall towards 24100. Price move from 1 gann angle to another one as shown in below chart, Till 24000 is held we can again see bounce back towards 24270/24358/24476. Bearish below 24200 for a move till 24100/23963. Time Cycle again gave us caution signal as 11 Oct we saw the big move How Your Brain Stops You From Being A Trader

  • Bank Nifty Oct Future Open Interest Volume is at 25.1 lakh with addition of 3.2 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24098 closed above it.

 

  • 24500 CE is having highest OI @7.4 Lakh resistance at 24500 followed 24300.23500-25500 added 2.8 lakh in OI so bears are back with a bang not allowing bank nifty to cross 24500.

 

  • 24000 PE is having highest OI @12.5 Lakh, strong support at 23800 followed by 24000.23500-25500 added 6.5 lakh in OI so bulls making support in range of 23900-24000.

 

Buy above 24150 Tgt 24220,24300 and 24470 (Bank Nifty Spot Levels)

Sell below 24050 Tgt 23960,23860 and 23800 (Bank Nifty Spot Levels)

Click Here to Like Facebook Page get Real time updates

Click Here to Join me on Twitter

Leave a Reply