Bank Nifty held on to its gann support,Ready for Big move

  • As discussed in Last Analysis  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. Bank Nifty again made low of 17830 below 17920 and closed above 18000 Holding its gann line support as shown in below chart. 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. Traders New Year’s Resolutions for 2017

  • Bank Nifty Jan Future Open Interest Volume is at 20.6 lakh with liquidation of 2 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.
  • 18500 CE is having highest OI @6.4 Lakh resistance at 18500. 17500-19500 CE saw addition of 1.8 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 0.52 Lakh in OI in range of 17500-19500 PE.

Buy above 18050 Tgt 18150,18250 and 18400 (Bank Nifty Spot Levels)

Sell below 17990 Tgt 17920,17800 and 17700(Bank Nifty Spot Levels)

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