Bank Nifty continue to close above 18200,EOD Analysis

  • As discussed in Last Analysis Bank Nifty continue to trade near the gann angle and in range of 18200-18700, this range should get broken once the RBI Credit Policy will be declared on 07 Dec. Traders should watch for break of 18700 on upside for a target of 19000/19300. Bears will get active below 18150 for a move towards 17800/17750. In Between choppy move will continue in range of 18200-18700.  Bank Nifty broke 18150 but quickly recovered and again closed above 18200 and gann angle suggesting still the range was not broken. Till we are trading in range of 18200-18700 Buy support and Sell resistance is the best strategy.   How Comfortable you are with your trading ?

  • Bank Nifty Dec Future Open Interest Volume is at 22.4 lakh with addition of 2 lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty rollover @60.4 and Rollover cost @18580 closed below it.
  • 19000 CE is having highest OI @6.2 Lakh resistance at 19000. 18000-20000 CE saw addition of 1.4 lakh in OI so bears added in 19300-19500 CE.
  • 18000 PE is having highest OI @ 7.7 Lakh, strong support at 18000 followed by 17500, Bulls liquidated 0.08 Lakh in OI in range of 17500-20000 PE. No aggressive liquidation was seen by bulls even after 600 points intraday volatility.

Buy above 18260 Tgt 18350,18480 and 18560 (Bank Nifty Spot Levels)

Sell below 18150 Tgt 18040,17930 and 17800(Bank Nifty Spot Levels)

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