Bank Nifty reacts furiously after crossing gann trendline,EOD Analysis

By | March 3, 2016 7:42 am
  •  As discussed in last analysis   Now we need a close above 14272 which is gann trend line for a 500 point run on upside else again we might see a drop to 13400-13500. Bank Nifty moved above 14272 and almost did 900  points on upside and also crossed the resistance zone  of 14590-14640  with a gap up. Green Arc resistance comes @15565 and the same is also coming as per supply demand analysis so bank nifty needs to close above 15136 for next move towards 15565, Support is now at 14700-14800 zone. Are you Loss Making Trader?

Bank Nifty Gann Green Arc

Bank Nifty_Supply

  • Bank Nifty March Future Open Interest Volume is at 20.5 lakh with liquidation of 2 lakh  with decrease in Cost of Carry suggesting short positions were closed today. Bank Nifty able to close above  Rollover price @14115 and gave 1000 Points. How To Identify Market Tops and Bottom
  • 15500 CE is having highest OI @3.8 Lakh resistance formation @15000. 13500-15500 CE saw 3.4 lakh liquidation as bears ran for cover in 14500/15000 CE  bank nifty still closing above 14500.
  • 14500 PE is having highest OI @3.5 Lakh, strong support at 14500 followed by 14000, Bears added aggressively in 14000/14500 PE.14000-16000 PE saw 5.1 lakh addition so knock out punch delivered by bulls. Range for March Series comes @ 13000-15500.

Buy above 15150 Tgt 15230,15350 and 15555 (Bank Nifty Spot Levels)

Sell below 14980 Tgt 14870,14767 and 14628 (Bank Nifty Spot Levels)

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2 thoughts on “Bank Nifty reacts furiously after crossing gann trendline,EOD Analysis

  1. Heta

    Sir I have 5 lots of bank nifty put option of 15000 what do u think sir will bank nifty fall in March series or should I book loss. Sir pls help as its big amount for me

    1. Bramesh Post author

      My First advise please stop trading in Options. Close below 15100 is only bearish sign for bank nifty


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