Bank Nifty does 18000 breaking 18250,EOD Analysis

  • As discussed in Last Analysis  Bank Nifty is forming small range of 18250-18500 so break of any 2 levels will see move of 250 points. Below 18200 move towards 18050/17910. Low made today was 18009 so we got the expected 250 points move below 18250. Unable to cross 18250 Bank nifty can further see a fall below 17910/17800. The range is broken after 21 trading sessions and also closed below the gann angles support zone, Next 2 days are very crucial as bulls can attempt another close above 18250 and moving higher towards 18500/18750. Till below 18250 bears are in control and can push index towards 17910. How Your Brain Stops You From Being A Trader

  • Bank Nifty Dec Future Open Interest Volume is at 25.3 lakh with addition of 3 lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty rollover @60.4 and Rollover cost @18580 closed below it.
  • 18500 CE is having highest OI @6.5 Lakh resistance at 18500. 18000-20000 CE saw addition of 4.3 lakh in OI so bears added in 18500-18700 CE suggesting 18500 is still bone of contention of bulls.
  • 18000 PE is having highest OI @ 11.2 Lakh, strong support at 18000 followed by 17500, Bulls added 1.9 Lakh in OI in range of 17500-20000 PE.

Buy above 18120 Tgt 18225,18380 and 18470 (Bank Nifty Spot Levels)

Sell below 18020 Tgt 17950,17880 and 17800(Bank Nifty Spot Levels)

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