Bank Nifty struggling near supply zone,EOD Analysis

By | April 23, 2016 7:42 am
  •  As discussed in last analysis   As per gann  arcs, Support is in range of 16400-16500 and resistance at 16800. Breakout above 16800 for a move towards 17000,Breakdown below 16500 for a move towards 16300-16250.  High made 16755 and Low 16549, Now for coming week Only close above 16800 can fuel the expiry rally towards 17000, else any close below 16500 can see move towards 16350/16300. If only our mind is like a plain mirror


  • Bank Nifty April Future Open Interest Volume is at 19 lakh with liquidation of 0.03 lakh, with increase in Cost of Carry suggesting short positions were closed today.Rollover cost @16000 and Bank Nifty rallied almost 700 points above it,  Do you know your Risk of Ruin in trading ?
  • 17000 CE is having highest OI @6.8 Lakh resistance formation @17000 . 16000-17000 CE liquidated 0.7  lakh as bank nifty closed above 16500 for 2 day in a row  hence bears ran for cover.
  • 16000 PE is having highest OI @6.5 Lakh, strong support at 16000 followed by 15600, Bulls added 2.8 Lakh in OI in 16000-17000 PE as bank nifty closed above the demand zone of 16500.

Buy above 16800 Tgt 16876,16990 and 17060 (Bank Nifty Spot Levels)

Sell below 16650 Tgt 16580,16480 and 16380 (Bank Nifty Spot Levels)

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Category: Daily

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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