- As discussed in Last Analysis Now Bank Nifty needs to close above 18250 for a move towards 18524/18739. Bearish below 18000 for a move towards 17800/17600/17420. High made today was 18249 and Low made was 17850 and closed below 18000. So 18250 remain the bone of contention for Bulls and Bears had a field day on 1 trading day of year where they move almost 400 point from the Gann Resistance zone of 18250 and stopped exactly at gann support zone as shown in below chart. Now for next 2 days close above 18000 will again see a move towards 18250 /18400. Close below 17920 down move continue till 17800/17600/17420. Traders New Year’s Resolutions for 2017
- Bank Nifty Jan Future Open Interest Volume is at 22.6 lakh with addition of 2.3 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.
- 18500 CE is having highest OI @5.7 Lakh resistance at 18500. 17500-18500 CE saw addition of 3.4 lakh in OI so bears added in 18500-18800 CE suggesting 18500 is resistance for time being
- 18000 PE is having highest OI @ 5.8 Lakh, strong support at 18000 followed by 17500, Bulls added 2.1 Lakh in OI in range of 17500-19500 PE.
Buy above 18050 Tgt 18150,18250 and 18400 (Bank Nifty Spot Levels)
Sell below 17920 Tgt 17840,17770 and 17700(Bank Nifty Spot Levels)
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