Bank Nifty gets resisted at gann angle,EOD Analysis for 13 Oct

  • As disused  in Yesterday Analysis  , 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.  Mystery continues as shown in updated chart, Bank Nifty again took resistance at 180 dgree line and 45 degree gann angle and support at blue line, perfect consolidation mode and gann studies at there best, 17850 is breakout area for 18050/18144 and 17350 is breakdown area for 17177/17000, In between its pure consolidation mode. Different Kind of Traders,Which one are you ?

BANKNIFTY - Pyrapoint

Gann Box


  • Bank Nifty October Future Open Interest Volume is at 22.3  lakh with addition of 0.69  Lakh with decrease in CoC suggesting short  position were added today. Rollover cost @17334, and bank nifty closed above it but near rollover price.
  • 18000  CE  OI at 5.9  lakh with addition of 0.86  lakh suggesting , wall of resistance @ 18000 .17500 CE added 0.01 lakh so bears did not add position. 17000-18000 CE added 0.92 Lakh, again today low was 17546 so 17500 is playing crucial role as we have been discussing.
  • 17000 PE OI@ 6.7 lakhs  strong base @ 17000.  16500/17000 PE  added 0.16 lakh so bulls continue adding when bank nifty closed above 17500. 16000/17000 PE added 0.25 lakh addition by bulls seen today at 17500 PE.

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

Sell below 17500 Tgt 17420,17350 and 17250 (Bank Nifty Spot Levels)


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