Bank Nifty does 17900 below 18250, 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. Bank Nifty did the low of 17839 almost did our target of 17800, below 18250. Price almost closed at the gann angle as shown in below chart. Now as we are near support zone again, Holding 17860 Bank Nifty can bounce back towards 18070/18250. Below 17800 move towards 17640/17440.  Thats the beauty of gann it keeps you 1 step ahead.  How Your Brain Stops You From Being A Trader

  • Bank Nifty Dec Future Open Interest Volume is at 24.4 lakh with addition of 0.39 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 @6.8 Lakh resistance at 18500. 18000-19000 CE saw addition of 6.5 lakh in OI so bears added in 18000-18300 CE suggesting 18300 is resistance for time being
  • 17500 PE is having highest OI @ 10.7 Lakh, strong support at 17500 followed by 18000, Bulls added 0.60 Lakh in OI in range of 17500-18500 PE.

Buy above 17930 Tgt 18000,18110 and 18190 (Bank Nifty Spot Levels)

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

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