Bank Nifty ready for big move,EOD Analysis

  • As discussed in Last analysis  Further bearishness can be seen below 18550 for move till 18280/18070. For next 2 days close above 18814 can see fast move till 19000. Bullish above 19158 for move till 19374/19509. Bank Nifty was unable to close above 18814 and also unable to close below 18550 suggesting market taking breather before the GST Bill drama is out. Tomorrow is gann turn date expect impulsive move in market in next 2 trading session as its 2 days it has traded near the gann horizontal line. Tested Classic Stock Trading Rules-II

bank nifty gann analysis

  • Bank Nifty Aug Future Open Interest Volume is at 19  lakh with addition of 0.18 lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty closed below Rollover cost  19030 closed belowit.  Do you know your Risk of Ruin in trading ?
  • 19500 CE is having highest OI @4.4 Lakh resistance formation @19500. 18500-20500 CE saw 0.54 lakh addition in OI so bears are adding aggressive position in 19500-20000 CE.
  • 18500 PE is having highest OI @4 Lakh, strong support at 18500 followed by 18000, Bulls added 0.82 Lakh in OI in 18500-20500 PE  so bulls support in zone of 18500.

Buy above 18750 Tgt 18825,18940 and 19020 (Bank Nifty Spot Levels)

Sell below 18620 Tgt 18560,18440 and 18360 (Bank Nifty Spot Levels)

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