Bank Nifty Bulls hold gann angle, EOD Analysis

By | February 28, 2018
  • As Discussed in Last Analysis High made today was 25722 and bank nifty has formed a double top and also closed below low of yesterday. Bulls need to hold range of 25300-25320 for the upmove to continue towards 25920. Bearish below 25250 for the for a move towards 25000. As we have monthly closing tommrow bulls need to see close above 25565 for bull run to continue for rest of the year. Double top showed effect, Bank Nifty opened gap down but again took support at gann angle as shown below, Now bulls need a close above 25200 for a move back towards 25281/25344/25488/25600. Bearish below 24964 for a move towards 24768/24626/24500. Confluence of important time cycle date is coming on 02-04 March. Important intraday time for reversal can be at 11:09/1:41 How to stay grounded in Trading.

  • Bank Nifty March Future Open Interest Volume is at 17.4 lakh with addition of 0.24 Lakh, with increase in Cost of Carry suggesting Long positions were added today. Bank nifty Rollover cost @25010, rallied 700 points.
  • 26000 CE is having highest OI @6 Lakh resistance at 25500 followed 26000.25000-27000 CE added 2 lakh in OI so bears added position at higher levels.

 

  • 25000 PE is having highest OI @5.8 Lakh, strong support at 25000 followed by 24800.25000-27000 PE  liquidated 0.4 lakh in OI support at 25200-25300.

 

Buy above 25155 Tgt 25220,25333 and 25488 (Bank Nifty Spot Levels)

Sell below 25056 Tgt 24970,24888 and 24780 (Bank Nifty Spot Levels)

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