Bank Nifty reacts from gann arc,EOD Analysis

  • As discussing in past analysis  Till we are holding 18896 we can see move till 19103/19230, Bearish only close below 18700. Today Bank Nifty closed at 18968 so bulls held on to 18896 and gann lower arc suggesting they are still in play and expect big move in next 2 days, Holding the same target are 19103/19230, Bearish on on close below 18700 for move till 18546-18500. Bank Nifty reacted from gann arc furiously , closed at 18674 below 18700 suggesting bears have become active. Now we can see fast move towards 18550 if we do not close above 18700 tomorrow for 1 hour. Bullish on close above 18780 for target of 18900/19103  When not to Trade

bank nifty gann arc resista

  • Bank Nifty July Future Open Interest Volume is at 21.1 lakh with liquidation of 2 lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover is 75 % Rollover cost is coming at 17722  Do you know your Risk of Ruin in trading ?
  • 19000 CE is having highest OI @6.9 Lakh resistance formation @19000. 17000-19000 CE saw 4.6 lakh addition in OI so bears are adding aggressive position in 18800-19000 CE.
  • 18000 PE is having highest OI @5.4 Lakh, strong support at 18000 followed by 17500, Bulls added  0.50 Lakh in OI in 17000-19000 PE aggressive addition in 18000-18300 PE.

Buy above 18780 Tgt 18901,19000 and 19150 (Bank Nifty Spot Levels)

Sell below 18620 Tgt 18550,18420 and 18350 (Bank Nifty Spot Levels)

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3 thoughts on “Bank Nifty reacts from gann arc,EOD Analysis”

  1. I think we should bounce back from 18300, which is a 38.2% retracement from the previous bull move. After this correction we should be headed to 19600 – 20000, the 121% and 161.8% extensions respectively. Again, I am learning and trading small. But, Fibonacci seems to be a great method of price forecasting and it seems consistent.

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