Bank Nifty continue to trade below gann angle,EOD Analysis

  • As discussed in Last Analysis  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. High made today was 18167 so still unable to close above 18250 and low made was 18043 so still 18000 proving a strong support, as seen in below chart 18000-17910 is an important support zone, so holding the same we can see a fast move in next 2-3 days. Bulls will get firepower only above 18200 only for a move towards 18500-18700. How Your Brain Stops You From Being A Trader

  • Bank Nifty Dec Future Open Interest Volume is at 24.1 lakh with liquidation of 1.2 lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty rollover @60.4 and Rollover cost @18580 closed below it.
  • 18500 CE is having highest OI @6.8 Lakh resistance at 18500. 18000-20000 CE saw addition of 1.3 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 @ 10.6 Lakh, strong support at 18000 followed by 17500, Bulls added 1.3 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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