Bank Nifty holds 17670 before RBI Policy,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 17754 at gann arc ,closed just above 17670. As Bulls  closed above 17670 and gann arc suggesting we can see  next move till 18000 and bears will get active only on close below 17500 as shown in below gann chart. So Bulls have upper hand now before the RBI Policy  Mental Toughness Required by Traders Part-I



  • Bank Nifty May Future Open Interest Volume is at 16.6 lakh with liquidation of 0.61 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 @4.7 Lakh resistance formation @18000. 17000-19000 CE saw 0.11 lakh addition in OI so bears did not cover aggressively as close was just above 17670.
  • 17000 PE is having highest OI @5.4 Lakh, strong support at 17000 followed by 16500, Bulls added 0.59  Lakh in OI in 17000-19000 PE as close was just above 17670.

Buy above 17750 Tgt 17810,17860 and 17950(Bank Nifty Spot Levels)

Sell below 17600 Tgt 17500,17400 and 17280 (Bank Nifty Spot Levels)

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