Bank Nifty Bulls continue to hold 17666 ,EOD Analysis

  • As discussed in last analysis  Bank Nifty again close above just tad of 17671, as we have weekly closing tomorrow so unable to close above 17672, we can break 17500 and go all the way till 17350. Bank Nifty High made today was 17843 and low made was 17590. Bulls needs a close above 18051 for next move 18650-18750, Bears below 17500 for move towards 17350. Struggle is Good!

gann horizontal line bank nfty

  • Bank Nifty June Future Open Interest Volume is at 14.5 lakh with liquidation of 0.70 lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost is coming at 16995 closed above it. Do you know your Risk of Ruin in trading ?
  • 18000 CE is having highest OI @5.46 Lakh resistance formation @18000. 17000-19000 CE saw 0.22 lakh addition in OI so bears added again but no aggressive addition seen.
  • 17000 PE is having highest OI @6.4 Lakh, strong support at 17000 followed by 16500, Bulls added 0.64  Lakh in OI in 17000-19000 PE as close above 17670.

Buy above 17720 Tgt 17800,17960 and 18051 (Bank Nifty Spot Levels)

Sell below 17650 Tgt 17580,17500 and 17400 (Bank Nifty Spot Levels)

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