Bank Nifty does 17900 closing above 17666,EOD Analysis

  • As discussed in last analysis  Bank Nifty closed just a tad above 17666 suggesting we can move till 18000 if we hold on to it on closing basis. Bank Nifty High made today was 17943 so we did almost 18000 as we closed yesterday above 17666. Sticking to system always help. Bulls needs to close above 18051 for next move towards 18600-18700. Unable to close above 18000 we can see another down move towards 17500. How To Become A Profitable Trader

break of gann bank nifty

  • Bank Nifty June Future Open Interest Volume is at 16.4 lakh with addition of 0.73 lakh, with decrease 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 @5.6 Lakh resistance formation @18000. 17000-19000 CE saw 0.09 lakh liquidation in OI so bears ran for cover in 18000 CE but not aggressive liquidation seen.
  • 17000 PE is having highest OI @7Lakh, strong support at 17000 followed by 16500, Bulls added 2.5 Lakh in OI in 17000-19000 PE as close above 17670.

Buy above 17950 Tgt 18050,18120 and 18280 (Bank Nifty Spot Levels)

Sell below 17800 Tgt 17740,17666 and 17580 (Bank Nifty Spot Levels)

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