Bank Nifty does ABCD pattern target, EOD Analysis

  • Bulls were  unable to close above 17466 where demand zone lies, Bears today broke the 17170 barrier and closed below it suggesting bank nifty can move sub 17000 zone 16982/16941 is where the support lies. Bank Nifty under performed on downside as gann arc support was held strong but if 17060 gave away we can see bank nifty going towards extended target of ABCD pattern 16941/16790 as shown below today,Resistance is at 17200/17331. Breakout only on close above 17466 and breakdown close below 16964. . Do You Fear Overnight Trading Positions


Daily Gunner


  • Bank Nifty December Future Open Interest Volume is at 19.9 lakh with addition of 0.83 Lakh with decrease in CoC suggesting short position were added today.Bank Nifty rollover cost coming @ 17158 .Can Traders make money in Stock market?
  • 18000 CE is having highest OI @4.7 Lakh strong resistance formation @18000. 17500 CE added 0.41 lakh so bears added major position as bank nifty unable to close above 17500.17000-18000 CE added 0.74 Lakh in OI.
  • 17000 PE is having highest OI @6.7 lakh strong base @17000 followed by 16500 @3.8 Lakh. Range of Bank Nifty still remains in the range of 16500-17500 start of December series.17000-18000 PE added 0.12 Lakh in OI so major liquidation seen by Bulls.

Buy above 17140 Tgt 17190,17270 and 17331(Bank Nifty Spot Levels)

Sell below 17040 Tgt 16982,16915 and 16800 (Bank Nifty Spot Levels)

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2 thoughts on “Bank Nifty does ABCD pattern target, EOD Analysis”

  1. Respected sir,
    We have come to depend on your highly informative and reformative site ! So,if your Nifty guidance etc does not appear on time, we will be lost. Hope you are fine !

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