Bank Nifty continue face resistance at 18250,EOD Analysis

  • As discussed in Last Analysis  Fresh shorts should be taken below 17800 only for a move towards 17640/17440. As seen in below chart Unable to close above 18250 we can see fall towards 16980/16500. Bank Nifty made low of 17606 and staged a good recovery but in this rise also was not able to close above 18254 as High made was 18246. Now Bank Nifty needs to close above 18250 for a move towards 18524/18739. Bearish below 18000 for a move towards  17800/17600/17420.  Traders New Year’s Resolutions for 2017

  • Bank Nifty Jan Future Open Interest Volume is at 20 lakh with addition of 1 lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty rollover @66.9 and Rollover cost @17905 closed above it.
  • 18500 CE is having highest OI @5 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 Lakh, strong support at 18000 followed by 17500, Bulls added 3.7 Lakh in OI in range of 17500-19500 PE.

Buy above 18150 Tgt 18250,18370 and 18500 (Bank Nifty Spot Levels)

Sell below 18050 Tgt 17920,17870 and 17820(Bank Nifty Spot Levels)

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