Bank Nifty Analysis on the Gujarat Election Results

By | December 16, 2017
  • As discussed in Last Analysis  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. 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.  Just Do It

  • Bank Nifty Dec Future Open Interest Volume is at 16.7 lakh with liquidation of 3.3, with increase in Cost of Carry suggesting Long positions were closed today. Bank nifty Rollover cost @25844, closed below it.
  • 26000 CE is having highest OI @14.3 Lakh resistance at 26000 followed 26500.24500-26500 CE added 2.5 lakh in OI so bears added position at higher level making strong resistance in range of 25800-26000.

 

  • 25000 PE is having highest OI @14.9 Lakh, strong support at 25000 followed by 24800.24500-26500 PE added 4.1 lakh in OI so bulls made strong support at 25000-25200.

 

Buy above 25530 Tgt 25620,25750 and 25920 (Bank Nifty Spot Levels)

Sell below 25400 Tgt 25320,25200 and 25000 (Bank Nifty Spot Levels)

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