Bank Nifty continue to trade in 18200-18700 range,EOD Analysis

  • As discussed in Last Analysis  Bank Nifty again bounced from gann angles support zone as we have been discussing from past many sessions even after RBI policy Bank Nifty was unable to close below 18200, still we are in range of 18200-18700 till the range is not broken buy support around 18200 sell resistance  near 18680-18700 as and when it comes. High made today was 18739 and closed at 18695 so still bank nifty is not able to break the range of 18200-18700 , Break of the range will see a move 500 point move either. Gann angle support again gave 500 points move very easily. The little woman who inspired the cable TV Moghul to give away fortune

  • Bank Nifty Dec Future Open Interest Volume is at 21.2 lakh with addition of 1.8 lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty rollover @60.4 and Rollover cost @18580 closed above it.
  • 19000 CE is having highest OI @5.2 Lakh resistance at 19000. 18000-20000 CE saw liquidation of 0.75 lakh in OI so bears liquidated in 19000-19300 CE suggesting break of 18700 on cards.
  • 18000 PE is having highest OI @ 8.4 Lakh, strong support at 18000 followed by 17500, Bulls addition 1.4 Lakh in OI in range of 17500-20000 PE.

Buy above 18750 Tgt 18812,18930 and 19100 (Bank Nifty Spot Levels)

Sell below 18600 Tgt 18510,18400 and 18320(Bank Nifty Spot Levels)

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