Bank Nifty fails to close above gann resistance, EOD Analysis for 12 Oct

  • As disused  in Yesterday Analysis    Weekly closing tomorrow Bulls will try to close above 17589 and bears below 17334,Bank Nifty closed at 17590 just, keeping hope alives for Bulls, As shown in below 2 charts Bank nifty was unable to close above 180 degree angle of gann and also 45 degree line of gann box suggesting both bulls and bears are in dilemma and mystery will get resolved early next week. With Self-confidence,you can Become Successful Trader

NIFTY - Pyrapoint

NIFTY - Gann Box

  • Bank Nifty October Future Open Interest Volume is at 21.7  lakh with liquidation of 0.84  Lakh with decrease in CoC suggesting long  position were closed today. Rollover cost @17334, and bank nifty closed above it but near rollover price.
  • 18000  CE  OI at 5  lakh with liquidation of 0.058  lakh suggesting , wall of resistance @ 18000 .17500 CE liquidated 0.11 lakh so bears who added yesterday covered their position. 17000-18000 CE no major addition was seen, 17500 will again play crucial role coming week.
  • 17000 PE OI@ 6.4 lakhs  strong base @ 17000.  16500/17000 PE  added 0.14 lakh so bulls continue adding when bank nifty closed above 17500. 16000/17000 PE added 0.37 lakh aggressive addition by bulls seen today at 17500 PE,  17500 will play crucial role tomorrow.

Buy above 17630 Tgt 17720,17860 and 17980 (Bank Nifty Spot Levels)

Sell below 17450 Tgt 17360,17220 and 17100 (Bank Nifty Spot Levels)


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