Bank Nifty bulls protect gann trendline,EOD Analysis

  • As discussed in last analysis   As we have gann trendline also near 16500, so need to be extra cautious in coming week as if 16500 get broken we can see quick downfall till 16300-16250. Bullish only on close above 16792. High made today was 16780 and low made 16450 so Bank Nifty Bulls protected 16500 on EOD basis and gann trendline also  but bears gain a slight upper hand by closing below 16792 also today high was 16480 unable to touch 16792.We are going through time correction phase where market trades in a range, so we will get a 400-500 move once we close above 16800 or below 16500.   Cella Quinn from Dishwasher to President of Investment Firm


Bank Nifty Supertrend

  • Bank Nifty May Future Open Interest Volume is at 16.6 lakh with liquidation of 4.6 lakh, with rise  in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost is coming at 16860 closed below it. Do you know your Risk of Ruin in trading ?
  • 17000 CE is having highest OI @6.4 Lakh resistance formation @17500. 16000-18000 CE saw 1.7 lakh addition in OI so bears came back furiously as bank nifty closed above 16792.
  • 16000 PE is having highest OI @6.6 Lakh, strong support at 16000 followed by 16500, Bulls liquidated 0.38  Lakh in OI in 16000-18000 PE as Bank nifty closed below 16792

Buy above 16750 Tgt 16870,16960 and 17040 (Bank Nifty Spot Levels)

Sell below 16640 Tgt 16530,16470 and 16310 (Bank Nifty Spot Levels)

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