Bank Nifty breaks gann resistance zone,EOD Analysis

  • As discussed in Last Analysis  Range was 18966-19067 is very important zone of resistance. Unable to cross the same correction can be seen till 18500. Fresh longs should be taken only on close above 19100 only. In between the trade of 19067-18500 Buy Low Sell higher with strict SL  Close today was just below 19100 but above 19067 which is a very good sign for bulls. Any close above 19100 can see fast move towards 19400. Strong support in range of 18700-18740. Short term correction till 18800-18700 can be seen once we start trading below 18966. Gann Positive cycle continue to show its positive effect as we are now up almost 859 points from the low of 10 Jan   Do not Strike when Angry

  • Bank Nifty Jan Future Open Interest Volume is at 26.3 lakh with addition of 1.77 lakh, with increase in Cost of Carry suggesting Long positions were added today. Bank nifty rollover @66.9 and Rollover cost @17905 closed above it.
  • 19000 CE is having highest OI @11.2 Lakh resistance at 19000. 17500-19500 CE saw addition of 2.4 lakh in OI so bears added in 19500 CE.
  • 18000 PE is having highest OI @ 7.5 Lakh, strong support at 18000 followed by 18500, Bulls added 2.1 Lakh in OI in range of 17500-19500 PE.

Buy above 19130 Tgt 19180,19300 and 19450 (Bank Nifty Spot Levels)

Sell below 19000 Tgt 18930,18820 and 18740 (Bank Nifty Spot Levels)

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