Bank Nifty rallies 350 points with break of time cycle date high,EOD Analysis

By | January 23, 2018
  • As Discussed in Last Analysis  Bank Nifty closed above 27000, Holding 26780 bulls have upper hand and can push index towards 27300, Range of 27300-27311 is gann angle resistance. Bulls can take fresh position above 27050 for a move towards 27175/27300. Bearish below 26780 for a move towards 26500-26250. We were able to capture the whole move from 25500 till 27000, beauty of gann price time analysis. The Big Bang Rally continue as we break the 22 Jan Time cycle date high and we are up again 350 points. Time is the most important 3-Dimension in Stock market. Bulls need a close above 27485 for the next rally towards 27780/ 28153/28502. Most of traders are worried the market is rallying and unable to take positions. My Advise is trade your system with strict SL and make the most of this rally which i believe most would have done. Bearish below 27089 for a move towards 26923/26780   Mastering Short-Term Trading

 

 

  • Bank Nifty Jan Future Open Interest Volume is at 21.2 lakh with liquidation of 1.9 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @25671, and closed above it and zoomed 1800 points.
  • 27500 CE is having highest OI @6.5 Lakh resistance at 27500 followed 27500.26500-27500 CE liquidated 6.2 lakh in OI so bears ran for cover as bank nifty continue to rally.
  • 27000 PE is having highest OI @7.1 Lakh, strong support at 27000 followed by 26800.26000-27000 PE  added 12.4 lakh in OI strong support at 27000-27100 .

 

Buy above 27430 Tgt 27500,27575 and 27650 (Bank Nifty Spot Levels)

Sell below 27350 Tgt 27290,27200 and 27090 (Bank Nifty Spot Levels)

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