Bank Nifty does 17500,EOD Analysis

By | May 28, 2016 11:29 pm
  • As discussed in last analysis  Now we need close above 17067  and gann Horizontal trendline for next move towards 17400, Support at 16792-16800. 17400 also done,Next move will only happen on close above 17700 for move towards 18000. Bearish on close below 17000. Range of 17500-17650 is important supply zone  The Wilma Rudolph Story

Daily Gunner

  • Bank Nifty May Future Open Interest Volume is at 17.4 lakh with addition of 0.98 lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost is coming at 16995 closed above it. Do you know your Risk of Ruin in trading ?
  • 18000 CE is having highest OI @2.4 Lakh resistance formation @18000. 17000-19000 CE saw 2.37  lakh addition in OI so bears forming resistance at higher levels.
  • 16500 PE is having highest OI @3 Lakh, strong support at 16500 followed by 17000, Bulls added 1.45  Lakh in OI in 16500-17500 PE as Bank nifty closed above 17000 first time in may.

Buy above 17600 Tgt 17675,17800 and 17950 (Bank Nifty Spot Levels)

Sell below 17450 Tgt 17380,17300 and 16250 (Bank Nifty Spot Levels)

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Category: Bank Nifty Technical Analysis

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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