Bank Nifty continue to rally above 27225,EOD Analysis

By | January 8, 2019
  • As Discussed in Last Analysis  So bulls again did 27360 and closed above 27225 suggesting we can head higher towards 27504/27656. Bears will get active below 27220 for a move back to 27100/26980/26888. Bank Nifty gave a dip below 27220 and quickly recovered and once above 27225 and above our intraday level of 27312 give on twitter we rallied and did all our target on upside. Now Bulls need to close above 27556-27570 range which is important supply zone also gann angle resistance as shown below, Close above it we can see rally all the way towards 27889/28000. Bears will get active below 27220 for a move back to 27100/26980/26888 Intraday time for reversal can be at 11:13/1:06 /2:28 Qualities Every Trader must have

  • Bank Nifty Jan Future Open Interest Volume is at 19.7 lakh with addition of 4.3 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @27033 closed above it.
  • 27500 CE is having highest OI @5.1 Lakh resistance at 27500  followed 27700.  26000-28000 CE added 0.23 Lakh in OI so bears added small position  in the zone of 27300-27600.
  • 27000 PE is having highest OI @7.1 Lakh, strong support at 27000 followed by 26800.26000-28000 PE added 0.66 Lakh OI so bulls making strong support in the range of 26800-27000.

Buy above 27556 Tgt 27650,27777 and 27880 (Bank Nifty Spot Levels)

Sell below 27390 Tgt 27300,27225 and 27100 (Bank Nifty Spot Levels)

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