Bank Nifty Bulls again protect 17666,EOD Analysis

  • As discussing in past analysis  Till we close above 17666 bulls are in control, We had gap down below 17500 as RBI Governor did not took second term, Most of us including me was expecting big cut in market, But as Market always surprises us and it did again, making a panic bottom and rallying. Now as I always tell we need to be mentally strong in such time and if we have a trading plan it helps in taking right trading decision and getting the max out of it. Bank Nifty again close above 17666 suggesting bulls are in control but to get momentum we need a close above 18051, else bank nifty can trade in range of 17500-18000 and do time correction.  Bulls needs a close above 18051 for next move 18650-18750, Bears below 17500 for move towards 17350. Do you have Trading Regrets

bank nifty trendline gann

  • Bank Nifty June Future Open Interest Volume is at 17.9 lakh with addition of 3.3 lakh, with increase in Cost of Carry suggesting long positions were added 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 @5.8 Lakh resistance formation @18000. 17000-19000 CE saw 0.11 lakh addition in OI so bears added again but no aggressive addition seen as close above 17666.
  • 17000 PE is having highest OI @6.5 Lakh, strong support at 17000 followed by 16500, Bulls liquidated 0.13  Lakh in OI in 17000-19000 PE.

Buy above 17780 Tgt 17855,17960 and 18051 (Bank Nifty Spot Levels)

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

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