Will Bank Nifty close above 17670,EOD Analysis

  • As discussed in last analysis  Next move will only happen on close above 17700 for move towards 18000. Bearish on close below 17000. Range of 17500-17650 is important supply zone. High made today was 17596 at gann arc ,bounced from 17350. Bulls need a close above 17670 for next move till 18000 and bears will get active only on close below 17116. In between it will be rang bound move with time correction Mindset Shifts for successful trading

gann arc supply zone

  • Bank Nifty May Future Open Interest Volume is at 17.6 lakh with addition of 1 lakh, with decrease in Cost of Carry suggesting long 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 @5.2 Lakh resistance formation @18000. 17000-19000 CE saw 1.5 lakh addition in OI so bears forming resistance at higher levels as unable to close above 17700.
  • 17000 PE is having highest OI @4.8 Lakh, strong support at 17000 followed by 16500, Bulls added 0.5  Lakh in OI in 17000-19000 PE.

Buy above 17600 Tgt 17660,17750 and 17900 (Bank Nifty Spot Levels)

Sell below 17500 Tgt 17420,17260 and 17150 (Bank Nifty Spot Levels)

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