Bank Nifty continue to trade between gann arc,EOD Analysis

  • As discussed in Last Analysis Bullish above 20350 for a move till 20500/20700/21000 and bearish below 20150 for a move till 20000/19850. As per time analysis expect a trending move in market in next 2 days. High made today was 20308 so bulls did not break 20350 but lower end of range was broken as low made was 20116 whipsawing traders who went short. Gann Arc again came to rescue of bulls, Its been 6 trading days we are stuck in gann arc suggesting trending move is round the corner, We were expecting the move to come but market did not oblige, cycles gets delayed by 1-2 days lets see if the move comes in next 2 days, Bullish above 20350 for move towards 20500/20750/21000. Bearish below 20000 for move towards 19750/19500.  3 Keys to Money Management

  • Bank Nifty Feb Future Open Interest Volume is at 28.3 lakh with addition of 0.89 lakh, with decrease in Cost of Carry suggesting Long positions were closed today. Bank nifty Rollover cost @19080.
  • 21000 CE is having highest OI @6.9 Lakh resistance at 20500 followed by 21000. 19000-21000 CE saw addition of 1.4 lakh in OI so bears added in 20500-21000 CE.
  • 19500 PE is having highest OI @6.6 Lakh, strong support at 19500 followed by 19000, Bulls liquidated 0.79 Lakh in OI in range of 19000-21000 bulls liquidated in 19500 PE.

Buy above 20300 Tgt 20370,20430 and 20550 (Bank Nifty Spot Levels)

Sell below 20150 Tgt 20080,20000 and 19850 (Bank Nifty Spot Levels)

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1 thought on “Bank Nifty continue to trade between gann arc,EOD Analysis”

  1. Sir, does trending move mean either up or down. Somehow the explanation seems to tilt towards bullishness. Please correct me if i misunderstood it.

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