Bank Nifty reacts furiously from gann arc, EOD Analysis

By | June 25, 2016 7:13 pm
  • As discussing in past analysis Bulls needs a close above 18051 for next move 18650-18750, Bears below 17500 for move towards 17350/17055. close above gann arc can see bulls getting momentum on upside. Bank Nifty on thursday made exact high near the gann arc and also did not close above 18051. 16950 Low made on Friday will be very crucial as shown in below 2 charts, If broken we can head towards 16471/16000/15440 in short term. Till 17055 is held on closing basis trend remains buy on dips with target as 17722/18051/18500 in coming 2 weeks.  Its all about Will power, Amazing Story of Girish Gogia

bank nifty gap down

bank nifty gann arc

  • Bank Nifty June Future Open Interest Volume is at 17.6 lakh with liquidation of 0.60 lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost is coming at 16995,Low made was 16910 and bounced 450 points on Friday. Do you know your Risk of Ruin in trading ?
  • 18000 CE is having highest OI @5.7Lakh resistance formation @18000. 17000-19000 CE saw 4.5 lakh addition in OI so bears added aggressively at 17500/17600.
  • 17000 PE is having highest OI @8.2 Lakh, strong support at 17000 followed by 16500, Bulls added  0.19 Lakh in OI in 16000-18000 PE so need to see if we can hold 17000 in coming 3 days.

Buy above 17460 Tgt 17600,17750 and 17900 (Bank Nifty Spot Levels)

Sell below 17360 Tgt 17280,17120 and 17000(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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