Bank Nifty forms Bullish Cypher pattern,EOD Analysis

By | August 4, 2016 9:20 pm
  • As discussed in Last analysis Bank Nifty is bullish above 18750 for another move towards 18915/19000. Bulls need a close above 19158 for target till 19500,Bears below 18550.Bank Nifty still trading near horizontal line suggesting impulsive move on cards. Further bearishness can be seen below 18550 for move till 18280/18070.  Bank Nifty made low of  18444 unable to close below 18550 suggesting bears are still on backfoot as not able to break the market below the support zone of 18550.  Bank Nifty is still unable to close above the gann falling trendline as shown in below figure, so bears need close below 18550 and bulls above 18750 above vertical falling trendline for a trending move to happen of 300-400 points.Also we are falling cypher harmonic pattern suggesting we can see move till 18980 , so both gann and harmonic studies are meeting and signalling move on upside if we close above 18550.   Why Traders lose money  Part-I

cypher pattern

bank nifty gann analysis

  • Bank Nifty Aug Future Open Interest Volume is at 17.6  lakh with liquidation of 1.9 lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty closed below Rollover cost  19030 closed below it.  Do you know your Risk of Ruin in trading ?
  • 19500 CE is having highest OI @4.8 Lakh resistance formation @19500. 18500-20500 CE saw 1.95 lakh addition in OI so bears are adding aggressive position in 19000-19500 CE.
  • 18500 PE is having highest OI @4.3 Lakh, strong support at 18500 followed by 18000, Bulls added 2.4 Lakh in OI in 17500-19500 PE  so bulls making support in zone of 18500.

Buy above 18600 Tgt 18710,18850 and 18997 (Bank Nifty Spot Levels)

Sell below 18550 Tgt 18420,18300 and 18150 (Bank Nifty Spot Levels)

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