Bank Nifty breaks gann angle,EOD Analysis

By | September 11, 2018
  • As Discussed in Last Analysis   Low made today was 27233 so bank nifty held on to support zone of 27225-27250 for 3 day and in process held to gann angle as shown in below chart. High made was 27512 so bulls were able to do 1 target of 27500. Bulls now need to move above 27500 for a move back to 27656/27784/27920.  Bearish below 27200 for a move back to 27040/26928. Bulls failed to close above 27500 on Friday and we saw the big fall today we went below 27200 but failed to close our target of 27040 and closed exactly at 27201. As we have important trend change date today so bulls need to close above 27250 for a move back to 27356/27500/27656. Bearish below 27180 for a move back to 27060/26980/26898. Important intraday time for reversal can be at 10:28/2:04. Sneak Peek into Online Trading Summit

 

  • Bank Nifty Sep Future Open Interest Volume is at 15.4 lakh with addition of 1.7 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @28307 closed below it and corrected 1000 points.
  • 28000 CE is having highest OI @5.1 Lakh resistance at 27800 followed 28000.  27000-29000 CE added 3.5 Lakh in OI so bears continue to  add at 27700-28000 CE.

 

  • 27000 PE is having highest OI @10.9 Lakh, strong support at 27000 followed by 27200.27000-29000 PE added 1.91  lakh OI so bulls having strong support in range of 27100-27300. Holding the same from past 3 trading days.

 

 

Buy above 27251 Tgt 27350,27426 and 27512 (Bank Nifty Spot Levels)

Sell below 27140 Tgt 27070,27040 and 26920(Bank Nifty Spot Levels)

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