Nifty entering in Gann Resistance zone, EOD Analysis

By | October 4, 2016 12:06 am


  •  As discussed last Analysis   Nifty made a low of 8555 forming double bottom and also protecting 8518 on Quarterly closing suggesting bulls have not give up yet. Till 8760 is not broken on upside bears have all chance of coming back and correct till 8444 levels, Signal of strength will come once we close above the gann angle line above 8656 and close above 8760 can see nifty moving back towards 8900 zone . Nifty opened above 8656 saw a quick rally towards 8745, but still not above to close above 8760, Bulls need a close above 8760 for next round of upmove else this rally will get sold into, as seen in below gann change we are near supply zone. Above 8756 another move towards 8888/8968, Unable to close above it 8700/8650 on cards. Bank Nifty October Series Outlook  


  • Nifty Oct Future Open Interest Volume is at 2.19 core with liquidation of 8.3 Lakh with increase in cost of carry suggesting short  position were added today, NF Rollover cost @8777, closed above it.
  • 9000  CE  is having Highest OI  at 54 lakh, resistance at 9000 .8500/9000 CE  added 9.9 lakh so bears added aggressively in range of  8800-8900 CE  .FII bought 9.3 K CE longs and 15.9 K CE were shorted by them .Retail bought 14.9 K CE contracts and 33.2 K CE were shorted by them.
  • 8600 PE OI@41.2 lakhs having the highest OI strong support at 8600. 8500-9000 PE added 24 Lakh in OI so bulls added in range of 8500-8600 .FII bought 1.7 K  PE longs  and 0.6 K shorted PE  were covered by them .Retail bought 64K PE contracts and 36.5 K PE were shorted by them.
  • FII’s bought 34 cores in Equity and DII’s bought 198 cores in cash segment.INR closed at 66.57

Buy above 8756 Tgt 8777,8815 and 8888 (Nifty Spot Levels)

Sell below 8730 Tgt 8706,8670 and 8620 (Nifty Spot Levels)

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Category: 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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