Bank Nifty bounces 300 points from gann support,EOD Analysis

  • As discussed in Last Analysis  Bank Nifty did 18740 today but sill did not closed above 18967, bulls need close above 18967 for a move towards 19100/19500. Bears below 18740 for a move towards 18500. Few readers were asking importance of 18740 below is the gann angle chart with support at 18740 which worked perfectly as bank nifty now has bounced 300 points in 2 days from that support levels, We moved above 18967 today and mostly we will do 19100 tommrow high made today was 19054, Now bulls need close above 19100 for a move towards 19250/19500. Bearish only on close below 19740.   A Person who won’t stand for something will fall for anything..

  • Bank Nifty Jan Future Open Interest Volume is at 16.4 lakh with liquidation of 1.3 lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @17905 bounced 2000 points above it in Jan Series.
  • 19100 CE is having highest OI @11.9 Lakh resistance at 19100. 19000-19500 CE saw addition of 4.9 lakh in OI so bears added in 19000/19500 CE massive addition by bears suggesting crossing range of 19200-19300 will be a tough task.
  • 18500 PE is having highest OI @ 9.5 Lakh, strong support at 18500 followed by 18000, Bulls added 8.9 Lakh in OI in range of 18600-19100 PE massive addition by bulls suggesting 18500 can become support for the series.

Buy above 19100 Tgt 19150,19230 and 19330 (Bank Nifty Spot Levels)

Sell below 18990 Tgt 18940,18850 and 18750 (Bank Nifty Spot Levels)

Click Here to Like Facebook Page get Real time updates

Click Here to Join me on Twitter

2 thoughts on “Bank Nifty bounces 300 points from gann support,EOD Analysis”

Leave a Reply