Bank Nifty forms Doji near gann support zone,EOD Analysis

  • As discussed in Last Analysis  Now as we are near support zone again, Holding 17860 Bank Nifty can bounce back towards 18070/18250. Below 17800 move towards 17640/17440.  Low made was 17819 and closed above 17860 suggesting we can see bounce towards 18070/18250. Fresh shorts should be taken below 17800 only for a move towards 17640/17440. As seen in below chart Unable to close above 18250 we can see fall towards 16980/16500.   Don’t Hope,… Decide!

  • Bank Nifty Dec Future Open Interest Volume is at 22 lakh with liquidation of 2.4 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 @6.3 Lakh resistance at 18500. 17500-18500 CE saw addition of 2 lakh in OI so bears added in 18000-18300 CE suggesting 18300 is resistance for time being
  • 17500 PE is having highest OI @ 10.8 Lakh, strong support at 17500 followed by 18000, Bulls added 3 Lakh in OI in range of 17500-18500 PE.

Buy above 17900 Tgt 17960,18030 and 18100 (Bank Nifty Spot Levels)

Sell below 17800 Tgt 17730,17650 and 17500(Bank Nifty Spot Levels)

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4 thoughts on “Bank Nifty forms Doji near gann support zone,EOD Analysis”

  1. Sir Nifty may touch 7470 in first mid of Jan 2017 ie after 4th Jan to achieve time wise & price wise target what is your opinion

  2. Brames Sir, as per you what are the chances that the PM’s indication of taxing long term capital gain causing a negative stir in the market in days ahead ?

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