Bank Nifty EOD Analysis

  • As discussed in Last Analysis  Closing above 18000 again bank nifty can move towards 18165/18250/18420. Bearish on close below 17920 for a move towards 17800/17600/17420. Bank Nifty can see impulsive move in next 2 trading days. Bank Nifty closed above 18000 yesterday today made high of 18092 but failed to meet the target of 18165, and today closed below 17920. As seen in below chart still holding the gann trendline suggesting if held again can see move towards 18000/18165/18250. Holding below 17920 can see fast move towards 17800/17600/17420.  Traders New Year’s Resolutions for 2017

  • Bank Nifty Jan Future Open Interest Volume is at 23.2 lakh with addition of 2.6 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 @7.2 Lakh resistance at 18500. 17500-19500 CE saw addition of 2.4 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 0.19 Lakh in OI in range of 17500-19500 PE.

Buy above 17960 Tgt 18030,18150 and 18250 (Bank Nifty Spot Levels)

Sell below 17860 Tgt 17800,17720 and 17600(Bank Nifty Spot Levels)

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4 thoughts on “Bank Nifty EOD Analysis”

  1. Sir,
    I watch your site everyday.
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