Bank Nifty does 16350,EOD Analysis

By | May 3, 2016 9:33 pm
  • As discussed in last analysis Bank Nifty is unable to close above the gann green arc and 16800 level, also unable to close below 16500 suggesting fight is on between bulls and bears, break of 16500 can see move towards 16350/16188 and break above 16800 can see fast move towards 17000.  Low made today was 16358, and High made was 16720 so unable to close above 16800 even though we have fast rise in morning trade which was used to short, now beak of 16350 we can see move towards 16188. Bullish on close above 16800. How Priming can improve trading performance

Daily Gunner

  • Bank Nifty May Future Open Interest Volume is at 18.9 lakh with addition of 1.11 lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost is coming at 16860 continue to trade below, Do you know your Risk of Ruin in trading ?
  • 17500 CE is having highest OI @4.9 Lakh resistance formation @17500 followed by 17000 . 16000-18000 CE saw 2 lakh addition in OI so bulls making resistance at higher levels as bank nifty close below 16800.
  • 16000 PE is having highest OI @4.5 Lakh, strong support at 16000 followed by 15500, Bulls added 1.3 Lakh in OI in 16000-18000 PE maximum addition was seen in 16000.

Buy above 16400 Tgt 16500,16619 and 16700(Bank Nifty Spot Levels)

Sell below 16350 Tgt 16260,16150 and 16000 (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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