Bank Nifty does 18000,EOD Analysis

By | June 7, 2016 11:14 pm
  • As discussed in last analysis  As Bulls  closed above 17670 and gann arc suggesting we can see  next move till 18000 and bears will get active only on close below 17500 as shown in below gann chart. High made today was 18000 at gann arc , so Bank Nifty did the target once we close above 17670. As i always say follow price, get expertise over your trading sustem ignore news is the best way of trading profitably. Now next bullish move on close above 18030 for target of 18500/18758. Bearish only on close below 17500. Mental Toughness Required by Traders Part-II

bank nifty resistnace

  • Bank Nifty June Future Open Interest Volume is at 18.1 lakh with addition of 1.56 lakh, with decrease in Cost of Carry suggesting short 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 @5.2 Lakh resistance formation @18000. 17000-19000 CE saw 0.64 lakh addition in OI so bears added in 18000 CE.
  • 17000 PE is having highest OI @5.4 Lakh, strong support at 17000 followed by 16500, Bulls added 1.46  Lakh in OI in 17000-19000 PE as close above 17670.

Buy above 18000 Tgt 18060,18150 and 18250(Bank Nifty Spot Levels)

Sell below 17880 Tgt 17800,17700 and 17600 (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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