Bank Nifty corrects 600 points from gann line of resistance,EOD Analysis

By | September 26, 2016 8:21 pm
10 Comments
  •  As discussed in Last analysis   As seen in below gann chart, Bank Nifty opened at the gann resistance line also opened below 20155 suggesting correction on cards as we discussed, low made 19861 and by Monday we should get our target of 19800/19700. Bank Nifty is trading in a range 20250-19700 doing time correction before the next trending move. Bulls will get active on close above 20155 and bears on close below 19700. Bank Nifty followed the gann line of resistance and corrected back towards gann angle line as shown in above chart, almost 600 point correction in 3 trading session, thats the beauty of gann analysis. Now bulls should hold the 19450-19500  range near gann angle line for upmove back towards 19800/20200. Close below 19500 can quickly push bank nifty towards 19360/19100.  With self-confidence & Perseverance, Never Give Up

bank-nifty-horizontal-line-support

  • Bank Nifty Sep Future Open Interest Volume is at 19.4 lakh with liquidation of 2.95 lakh, with rise in Cost of Carry suggesting short positions were added today. Bank nifty closed above Rollover cost ,rallied 1000 points before this correction.  Do you know your Risk of Ruin in trading ?
  • 20500 CE is having highest OI @9.3 resistance at 20500. 19000-21000 CE saw 10.9  lakh addition in OI so bears added aggressively in 20000-20500 CE
  • 19000 PE is having highest OI @9.5 Lakh, strong support at 19000 followed by 19500, Bulls added 3.4 Lakh in OI in 18500-20500 PE  bulls ran for cover in the range of 19800-19900 range and added in 19400-19600 zone.

Buy above 19670 Tgt 19730,19900 and 20051 (Bank Nifty Spot Levels)

Sell below 19500 Tgt 19430,19300 and 19100 (Bank Nifty Spot Levels)

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10 thoughts on “Bank Nifty corrects 600 points from gann line of resistance,EOD Analysis”

    1. Teja

      Bramesh ji, i have the same doubt, i think increase in cost of carry and liquidation of open interest indicate short positions are closed, please confirm.

      Reply ↓
      1. Bramesh Post author

        Its due to rollover week so need to take price confirmation and study of next month OI also..

        Rgds,
        Bramesh

        Reply ↓
  5. Mohamed Mansoor

    Your info day to day free of cost is more accurate, then the analysis sitting on television boldly misguiding in front of 100Crore people. May God give you &your family; Health Wealth Knowledge Prosperity.

    Cheers

    Mansoor

    Reply ↓

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