Bank Nifty Analysis after Exit Polls Results

By | December 14, 2017
  • As discussed in Last Analysis    Now tommrow is again time cycle date so low and high will be important also we can see trend change. Bullish above 25160 for a move towards 25270/25400. Bearish below 24900 for a move towards 24800/24650/24476/24000 Price has been struggling around gann angles so we should get 1000 points move in bank nifty also we have the event overhang of election results. Bulls were able to close above 25160 after the volatile journey ,as today was trend change date so today’s high and low are very important suggesting we are heading higher towards 25390/25555/25676 till 25050 is held. Bearish below 25050 for a move towards 24900/24780/24476.  Today low was exactly at gann angle support, I have updated the chart putting vibration from swing low to get better picture, If today low is held we did price time squaring today and should be heading towards 25390/25555/25676. Most of traders are unable to reverse position once SL is triggered but as are having higher VIX so volatility will be the name of the game and we need to be flexible, IF traders cannot handle volatile environment sit on sideline ,learn from the market. Election Results Exit Poll Summary for Gujarat and Himachal Pradesh

  • Bank Nifty Dec Future Open Interest Volume is at 20 lakh with liquidation of 1.9, with decrease in Cost of Carry suggesting Long positions were added today. Bank nifty Rollover cost @25844, closed below it.
  • 26000 CE is having highest OI @12.2 Lakh resistance at 26000 followed 26500.24500-26500 CE added 1.9 lakh in OI so bears added position at higher level making strong resistance in range of 25500-26000.

 

  • 25000 PE is having highest OI @14.6 Lakh, strong support at 25000 followed by 24800.24500-26500 PE added 1.22 lakh in OI so bulls added again as 24800 was protected again.

 

Buy above 25250 Tgt 25360,25450 and 25600 (Bank Nifty Spot Levels)

Sell below 25140 Tgt 25070,24980 and 24888 (Bank Nifty Spot Levels)

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