Bank Nifty Held to Gann Line amid Volatility,EOD Analysis

  • As discussed in Last Analysis Bank Nifty above 24768 can see move towards 24912/25050. Bearish below 24480 for a move towards 24336/24180/24000. As soon as 24768 was broken bulls went long and did high of 24821 and also closed above 24768, so till 24480 not broken bulls will have upper hand and can push bank nifty towards 24912/25050/25200. Bearish below 24480 for a move towards 24336/24180/24000.  High made toady was 24948 so 2 target of 24912 also done,and closed above 24768 again. Till 24700 which is gann horizontal line is held bulls can again rally back till 24912/25050/25200. Bearish below 24480 for a move towards 24336/24180/24000.    Build up your confidence as a trader

  • Bank Nifty Sep Future Open Interest Volume is at 23.8 lakh with liquidation of 1.2 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @24345 closed above it rallied 600 points above it.

 

  • 25000 CE is having highest OI @7.1 Lakh resistance at 25000 followed 25200. 24000-26000 CE liquidated 4.3 lakh so bears covered  major position  in 25000/25200 CE.Bears used the dip to cover position in 24500 CE.

 

  • 24000 PE is having highest OI @12.2 Lakh, strong support at 24000 followed by 24500, Bulls added 4.8 Lakh position in OI in range of 24000-26000.

 

Buy above 24850 Tgt 24951,25050 and 25120 (Bank Nifty Spot Levels)

Sell below 24800 Tgt 24730,24640 and 24520 (Bank Nifty Spot Levels)

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