Bank Nifty held on to gann angle and rallies 300 points,EOD Analysis

By | April 16, 2018
  • As Discussed in Last Analysis  Bank Nifty did 25411 but failed to do our target of 25488 and close below 25250 High of Anniversary date but still holding on to gann angel, . break of 25250 can see fast rally towards25400/ 25488/25632 where major resistance lies. Bearish below 24970 for a move towards 24800. Bank Nifty opened with gap down took support near gann angle as seen in below chart and once 25250 was broken and moved higher and closed above it and now heading towards the target of 25400/25488/25555/25632. Bearish below 25050 for a move back towards 24970/24800. Important intraday time for reversal can be at 12:2321:49.  Trading Resolution for Financial Year 2018-19

  • Bank Nifty April Future Open Interest Volume is at 18.1 lakh with addition of 0.67 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @24358  closed above it and rallied 1000 points.
  • 25500 CE is having highest OI @3.2 Lakh resistance at 25500 followed 25700.24000-26000 CE added 2 lakh in OI so bears added  position at higher level.

 

  • 24500 PE is having highest OI @8.3 Lakh, strong support at 25000 followed by 24800.24000-26000 PE  added 1.8 lakh in OI so bulls made strong support in range of 24600-24800.

 

Buy above 25350 Tgt 25420,25530 and 25666 (Bank Nifty Spot Levels)

Sell below 25250 Tgt 25150,25070 and 24970 (Bank Nifty Spot Levels)

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