Will Bank Nifty Break Gann arc after holding gann trendline ,EOD Analysis

  • As discussing in past analysis If we break 17500 tomorrow we can see down move till 17350/17055 else again we will trade in range of 17500-18000. Doji near gann trendline did the trick as Bank nifty rallied High made was made was 17907 near gann arc, close above gann arc can see bulls getting momentum on upside.Bulls needs a close above 18051 for next move 18650-18750, Bears below 17500 for move towards 17350/17055. In between bank nifty will keep trading in range of 17500-18000 and do time correction. UK Brexit explained: What you need to know

bank nifty trendline gann

  • Bank Nifty June Future Open Interest Volume is at 18.2 lakh with addition of 0.24 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 @5.4 Lakh resistance formation @18000. 17000-19000 CE saw 1.7 lakh addition in OI so bears added aggressively at 18100, so if we go above 18100 we can see fast move on upside.
  • 17000 PE is having highest OI @7.4 Lakh, strong support at 17000 followed by 17500, Bulls added  2.65 Lakh in OI in 17000-19000 PE.

Buy above 18051 Tgt 18150,18220 and 18310 (Bank Nifty Spot Levels)

Sell below 17860 Tgt 17750,17640 and 17580 (Bank Nifty Spot Levels)

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