Bank nifty fire above 19158,EOD Analysis

By | August 18, 2016 11:06 pm
  • As discussed in Last analysis  Now Bulls again need close above 19158 for move towards 19500 and bear will get active only on close below 18500, in between its just time correction. Bank Nifty closed above 19000 for second day in a row but failed close 19150 high made was 19138, It has been 25 days bank nifty is trading in range of 600 points  18450-19150 , suggesting break and close above 19150 or 18450 can see fast move of 600 points, Bank nifty finally broke the 600 point range as shown in the 3 chart and target is mentioned, Bulls now need a close above 19367, Also Butterfly pattern suggests target of 19600 and on Gann arc Bank Nifty closed above the red double arc suggesting close above 19367 we can see fast move towards 19600/19700. Bulls need close above 19367  for target of 19650/19766, Bears below 19000 for target of 18800/18500.   Do You Trade Market or Your Emotions?

bank nifty gann analysis

bank nifty 18 aug

Bank Nifty Hourly

  • Bank Nifty Aug Future Open Interest Volume is at 22.1  lakh with addition of 1.7 lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty closed above Rollover cost  19030,fired 300 points.  Do you know your Risk of Ruin in trading ?
  • 19500 CE is having highest OI @8 Lakh resistance formation @19500. 18500-20500 CE saw 5.1 lakh addition in OI so bears added heavily in 19400-19500 CE.
  • 18500 PE is having highest OI @7 Lakh, strong support at 18500 followed by 19000, Bulls added huge 10 Lakh in OI in 17500-19500 PE  so bulls making support in zone of 18800-19000 zone.

Buy above 19380 Tgt 19450,19550 and 19700 (Bank Nifty Spot Levels)

Sell below 19250 Tgt 19170,19058 and 18980 (Bank Nifty Spot Levels)

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4 thoughts on “Bank nifty fire above 19158,EOD Analysis

  1. Dhiraj

    Hi Sir,
    I shorted 6 lots of banknifty September futures at avg price of 19173. Currently it is at 19525 levels. Will it consolidate back to 19000 level??? . Please Reply Sir

      1. Dhiraj

        Hi My Target was 18800.,I did not put the SL, it was a big Mistake..I normally put SL but after winning streak of 10 days I was too over confident. Can you please tell if it manages to close below 19380 levels can we see a correction in coming week. Also there is no Global defining factor which could instigate markets.

        1. Bramesh Post author

          Trader do not look at news but follow his trading plan..

          You want to find a reason to hold on to losing trade which is not at all correct..

          I would suggest exit position as you broke your discipline


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