Bank Nifty closes above 18051,EOD Analysis

By | July 5, 2016 7:51 am
  • As discussing in past analysis Close above 18051 is required for next move towards 18700 else bank nifty can fall towards 17700.  Bearish only on close below 17420. Bank Nifty closed above 18051 today but also near gann horizontal resistance line as seen in below chart, so be extra cautious on long and if we do not see a close above 18051 today we can see decline towards 17800 in coming days. Close above 18051 we can see move till 18700/18900. Bearish only on close below 17450.Market after this big rally should take time to consolidate and do time correction this is how all move from Feb lows.  Want to be a Top Trader, Be mentally tough

gann horizontal line bank nfty

  • Bank Nifty July Future Open Interest Volume is at 19.3 lakh with addition of 10.6 lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover is 75 % Rollover cost is coming at 17722  Do you know your Risk of Ruin in trading ?
  • 18500 CE is having highest OI @2.2 Lakh resistance formation @18500. 17000-19000 CE saw 1.29 lakh addition in OI so bears added aggressively at 18200/18500.
  • 17500 PE is having highest OI @1.86 Lakh, strong support at 17500 followed by 17000, Bulls added  3.2 Lakh in OI in 16000-18000 PE aggressive addition in 17600/17800 PE.

Buy above 18150 Tgt 18250,18350 and 18500 (Bank Nifty Spot Levels)

Sell below 18000 Tgt 17900,17820 and 17650(Bank Nifty Spot Levels)

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