Bank Nifty nearing the target zone of 27000,EOD Analysis

By | January 19, 2018
  • As Discussed in Last Analysis  We have been discussing a low above 25920 in our previous post  Bank Nifty bulls protected both 25900 and 25920 as low made was 25922, this is how gann analysis helps you in giving an extra edge. Bank Nifty bulls moved above 26010 and did 2 target on upside and now waiting for 26500. Range of 26530-569 is very very important zone of supply. Bearish below 26000 for a move towards 25920/25770. Also closed above the range 26530. Bank Nifty  bulls needs to hold the range of 26200-250 for the up move to continue. Bearish below 26000 for a move towards 25920/25770.  Bank Nifty bulls gave indication yesterday with close above 26530, almost nearing the final target of 27000.  We have PRZ zone of ABCD pattern near 27000 and also gann angle resistance at 27266 and Gann Circle also getting completed at 26175. So Traders carrying long should use this range for booking profits. Bearishness will creep in only below 26500 levels for a move towards 26175/26000. 21 Jan is again very important time cycle date.  4 Short Stories that Will Change the Way You Think

 

  • Bank Nifty Jan Future Open Interest Volume is at 23 lakh with liquidation of 0.13 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @25671, and closed above it and zoomed 1000 points.
  • 27000 CE is having highest OI @9.1 Lakh resistance at 27000 followed 26500.25000-25700 CE liquidated 6.3 lakh in OI so bears covered position in 26700-27000 CE.

 

  • 26000 PE is having highest OI @9.1 Lakh, strong support at 26500 followed by 26200.25500-27000 PE  added 15.6 lakh in OI strong support at 26000-26200.

 

Buy above 26910 Tgt 27000,27100 and 27250 (Bank Nifty Spot Levels)

Sell below 26850 Tgt 26780,26666 and 26650(Bank Nifty Spot Levels)

One thought on “Bank Nifty nearing the target zone of 27000,EOD Analysis

  1. Durga

    Hi I had made BANKNIFTY sell purchase @25923 few days ago, I see the chart moves up trend, should I come out or wait for JAN closing.
    Banknifty Jan Futures

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