Bank Nifty forms Hammer near gann arc,EOD Analysis

  • As discussed in last analysis  Now Bank Nifty is near its 200 W SMA, which if broken on weekly closing basis can see Bank nifty declining all the way till 12500-12800. Next demand zone lies 13600. Nifty continued with the fall and closed near its 200 W SMA also forming a Hammer candlestick near the gann arc, suggesting we are near bottom for the time being. Bulls need to close above 14338. Till it do not close above 14338 any rise will be short covering rally if and when it comes.  Finding a 100 Percent Accurate Trading System

Daily Gunner


  • Bank Nifty February Future Open Interest Volume is at 26.7 lakh with liquidation of 1.5 Lakh with decrease in Cost of Carry suggesting short positions were closed today .Bank Nifty  again gave 1500 points move below rollover cost @ 15441. How To Identify Market Tops and Bottom
  • 15500 CE is having highest OI @7.4 Lakh strong resistance formation @15500. 15500 CE saw 0.37  Lakh liquidation as bears booked profit  and 14500 CE saw 0.7 Lakh addition by bears added aggressively in range of 14500-15000 .14000-16000 CE added 2.6 Lakh in addition in OI so bears added in 14200-14500 range.
  • 13500 PE is having highest OI @3.3 lakh, strong support at 13500, Bears ran for cover in 14000/14200 PE.13500-15500 PE saw 0.92  lakh liquidation  suggesting  so bulls ran for cover as the fall did not stop at 14000 and closed below it.

Buy above 14000 Tgt 14170,14280 and 14380 (Bank Nifty Spot Levels)

Sell below 13950 Tgt 13822,13650 and 13300 (Bank Nifty Spot Levels)

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