Bank Nifty trading near gann arc, EOD Analysis

  •  As discussed in Last analysis  Bear will get upperhand on close below 19451 for target of 19340/19020 and bulls above 19732.  Bank Nifty bears finally broke 19451 and did the target of 19340, now trading below 19340 can see fast move towards 19185/19020. Bank Nifty bears were unable to close below 19340 suggesting bears are losing momentum but still have upper hand till close below 19520. Any close above 19520 will take ban nifty back to 19750-800 range. Bank Nifty made high of 19501 and low was 19351 so bulls were unable to break 19520 and bears were unable to break 19340 suggesting choppy trading going on before the next trending move. Bulls close above 19520 can see fast move towards 19732/19900. Bears break below 19340 can see fast move towards 19150/19020.  Is it possible for trader to make sustainable profits on small account ?


  • Bank Nifty Oct Future Open Interest Volume is at 21.3  lakh with addition of 0.72 lakh, with rise in Cost of Carry suggesting long positions were added today. Bank nifty closed below Rollover cost 19803  Do you know your Risk of Ruin in trading ?
  • 20000 CE is having highest OI @10.7 Lakh resistance at 20000. 19000-21000 CE saw 2.2 lakh addition in OI so bears added aggressively in 20000-20500 CE.
  • 19500 PE is having highest OI @5 Lakh, strong support at 19500 followed by 19000, Bulls added 0.58 Lakh in OI in 18500-20500 PE  bulls held to 19500 level and added at lower range of 19000-19200 range.

Buy above 19420 Tgt 19470,19550 and 19650 (Bank Nifty Spot Levels)

Sell below 19300 Tgt 19250,19170 and 19050 (Bank Nifty Spot Levels)

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