Bank Nifty continue to trade near breakout zone,EOD Analysis

  • As discussed in Last Analysis   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  Bank Nifty opened at 19128 did 19200 but faced resistance at gann resistance zone, as seen in below chart and saw correction till 18981 unable to go below 18966 closed again at 19067 our gann number but  below 19100.  Bulls need a close 19100 for a move towards 19400 and Bears below 18950 can see move towards 18800/18750 Do not Strike when Angry

  • Bank Nifty Jan Future Open Interest Volume is at 26.2 lakh with liquidation of 0.12 lakh, with decrease in Cost of Carry suggesting Long positions were closed today. Bank nifty rollover @66.9 and Rollover cost @17905 closed above it.
  • 19000 CE is having highest OI @11.3 Lakh resistance at 19000. 17500-19500 CE saw addition of 0.96 lakh in OI so bears added in 19500 CE.
  • 18000 PE is having highest OI @ 8 Lakh, strong support at 18500 followed by 18000, Bulls added 1.55 Lakh in OI in range of 17500-19500 PE.

Buy above 19100 Tgt 19180,19300 and 19400 (Bank Nifty Spot Levels)

Sell below 19050 Tgt 18980,18870 and 18740 (Bank Nifty Spot Levels)

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