Bank Nifty Bulls reacts from gann trendline,EOD Analysis

By | May 25, 2016 11:23 pm
  • As discussed in last analysis  Low made today was 16368 so 16350 was not broken and high made was 16501  and we closed above 16431, so bulls have upper hand now and above 16500 can take index to 16734/16792. Bank Nifty opened above 16600 , we got indication yesterday with close above 16431 and respecting the gann trendline and we 16792 and closed above 16792. Now we need close above 17067  and gann Horizontal trendline for next move towards 17400, Support at 16792-16800.   Ways to Improve Discipline in Trading

suppot and bounce

  • Bank Nifty May Future Open Interest Volume is at 11.9 lakh with liquidation of 2.8 lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost is coming at 16860 closed below it. Do you know your Risk of Ruin in trading ?
  • 17500 CE is having highest OI @4.9 Lakh resistance formation @17500. 16500-17500 CE saw 8.67 lakh addition in OI so bears ran for cover as were caught on wrong side with just 1 day left for expiry.
  • 16000 PE is having highest OI @6.3 Lakh, strong support at 16000 followed by 16500, Bulls added 11  Lakh in OI in 16500-17500 PE as Bank nifty closed above 16792.

Buy above 17070 Tgt 17150,17250 and 17400 (Bank Nifty Spot Levels)

Sell below 17000 Tgt 16900,16810 and 16700 (Bank Nifty Spot Levels)

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