Bank Nifty 1000 points from Gann Resistance of 19811,EOD Analysis

By | October 13, 2016 8:28 pm
  •  As discussed in Last analysis  Bear will get upperhand on close below 19451 for target of 19340/19020 and bulls above 19732.  Bank Nifty bears finally broke 19451 and did the target of 19340, now trading below 19340 can see fast move towards 19185/19020. Bank Nifty bears were unable to close below 19340 suggesting bears are losing momentum but still have upper hand till close below 19520. Bears break below 19340 can see fast move towards 19150/19020. Bank Nifty opened below 19340 signalling bears are on prowl and quickly did the target of 19020 and made low of 18824. Any close below 18750 can see fast move towards 18440-18314 as seen in below gann angle chart. As we have weekly closing tomorrow Bulls will try hard to close above 19000 and bears below 18750.    Ask Yourself following Questions Before Every Trading Day


  • Bank Nifty Oct Future Open Interest Volume is at 23.9  lakh with addition of 2.6 lakh, with fall in Cost of Carry suggesting short positions were added today. Bank nifty closed below Rollover cost 19803 saw almost 1000 point correction  Do you know your Risk of Ruin in trading ?
  • 20000 CE is having highest OI @10 Lakh resistance at 20000. 19000-21000 CE saw 3.6 lakh addition in OI so bears added aggressively in 19300-19500 CE.
  • 19000 PE is having highest OI @6.1 Lakh, strong support at 19000 followed by 18500, Bulls liquidated 0.33 Lakh in OI in 18500-20500 PE  bulls ran for cover as 19000 level was broken and now will defend 18500.

Buy above 19050 Tgt 19150,19220 and 19320 (Bank Nifty Spot Levels)

Sell below 18820 Tgt 18750,18600 and 18450 (Bank Nifty Spot Levels)

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4 thoughts on “Bank Nifty 1000 points from Gann Resistance of 19811,EOD Analysis

  1. Shrikant Gondane

    How do you use OI data while trading? Does it indicate trend?? Or it is more of Open interest for hedge positions??


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