Bank Nifty bulls protect 25900, rally higher,EOD Analysis

By | January 17, 2018
  • As Discussed in Last Analysis  Bulls failed to hold the price level of 26010 but also made sure bears do not break 29900 as low made was 29931. Bulls will again get momentum as we move above 26010 for the up move to continue towards 26200/26350/26500. Bearish below 25900 for a move towards 25770/25555. Price is near gann angle which has whipsawed before also. 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.  Why Swing Trading Is Favorable For Beginner Traders?

 

  • Bank Nifty Jan Future Open Interest Volume is at 23.2 lakh with addition of 1 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @25671, and closed above it and zoomed 500 points in 2 days.
  • 26500 CE is having highest OI @8.5 Lakh resistance at 26400 followed 26500.25000-25700 CE added 1 lakh in OI so bears added  in 26500-26800 CE.

 

  • 25500 PE is having highest OI @7.8 Lakh, strong support at 25700 followed by 25500.25500-27000 PE  added 3.4 lakh in OI strong support at 25500-25700.

 

Buy above 26330 Tgt 26400,26450 and 26530 (Bank Nifty Spot Levels)

Sell below 26270 Tgt 25190,26080 and 26010 (Bank Nifty Spot Levels)

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