Bank Nifty Analysis after Gujarat Election Results

By | December 18, 2017
  • As discussed in Last Analysis   As seen in below chart after we did price time squaring price just moved from 1 gann angle to another gann angle,This is how gann analysis helps in getting an edge using both price and time. Yesterday we closed just above 25160 and today bulls were rewarded big time.  Bulls need a close above 25569 on Closing basis for the next big move towards 25920/26440. Bearish below  25350 we can again see a fall towards 25000/24780. We had a roller coaster ride today with a gap down opening price bouncing swiftly from the strong support zone of 24780-24800 as we have discussed , Price rallied from one angle to another angle. Price also closed above 25569, So bulls can continue rally towards 25720/25888. Bearish below 25500 for a move towards 25350/25200.    Just Do It

  • Bank Nifty Dec Future Open Interest Volume is at 14.5 lakh with liquidation of 2.1 Lakh, with decrease in Cost of Carry suggesting Long positions were closed today. Bank nifty Rollover cost @25844, closed below it.
  • 26000 CE is having highest OI @14.7 Lakh resistance at 26000 followed 26500.24500-26500 CE liquidated 1.84 lakh in OI so bears covered position but still  strong resistance at higher level  in range of 25800-26000.

 

  • 25000 PE is having highest OI @13 Lakh, strong support at 25000 followed by 24800.24500-26500 PE liquidated 2.1 lakh in OI so still strong support at 25000-25200.

 

Buy above 25630 Tgt 25770,25880 and 25970 (Bank Nifty Spot Levels)

Sell below 25480 Tgt 25320,25200 and 25000 (Bank Nifty Spot Levels)

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