Bank Nifty saw impulsive down move below 18915,EOD Analysis

  • As discussed in Last analysis  Bulls need a close above 19028 for a move till 19158/19230 and bears below 18915 for a move till 18736/18663/18590.  Low made today was 18611 so we almost did the target of 18590, as soon as price went below 18915 bears had upperhand. As seen in below chart we are again near a trend change as prices are near horizontal line, suggesting if 18443-18500 is held we can again see a move till 18900-19000 range.  Why You Can’t Cut Losses

bank nifty gann analysis

  • Bank Nifty Aug Future Open Interest Volume is at 18.9  lakh with liquidation of 0.60 lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty closed below Rollover cost  19030,made exact high at 19030 and corrected almost 400 points.  Do you know your Risk of Ruin in trading ?
  • 19500 CE is having highest OI @6.2 Lakh resistance formation @19500. 18500-20500 CE saw 3.5 lakh addition in OI so bears continue to add in 19200-19500 CE.
  • 18500 PE is having highest OI @5.5 Lakh, strong support at 18500 followed by 18000, Bulls added 1 Lakh in OI in 17500-19500 PE  so bulls making support in zone of 18500.

Buy above 18750 Tgt 18880,18950 and 19158 (Bank Nifty Spot Levels)

Sell below 18600 Tgt 18510,18375 and 18140 (Bank Nifty Spot Levels)

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