Bank Nifty continues to trade in range,EOD Analysis

By | April 6, 2017 6:20 pm
  • As discussed in Last Analysis    Bulls need to cross above 21700 which is gann angle resistance as shown in below chart. Strong support in range of 21330-21374 and till we are trading below 21500 bears can see move till 21330. Bullish only on close above 21700. High made today was 21674 and low made was 21488 dip which came just after policy  so bank nifty traded on border line of both bulls and bears after the RBI Policy. The move time we spend in this range of 200 points better and mature the breakout will be. Plan remains the same Buy  above 21700 for a move towards 21797/21900.Bearish below 21500 for a move towards 21330/21150. Scalpers can trade the range buy low sell higher.  Mastering the Mental Game

  • Bank Nifty April Future Open Interest Volume is at 28.6 lakh with addition of 1.2 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @21316, closed above it and Rollover % at 65.2
  • 22000 CE is having highest OI @4.2 Lakh resistance at 22000. 20500-22500 CE saw addition of 0.93 lakh in OI suggesting bears are making resistance in range of 21800/22000.
  • 21500 PE is having highest OI @5.5 Lakh, strong support at 21300 followed by 21000, Bulls added 1.19 Lakh position in OI in range of 20500-22500 .

Buy above 21680 Tgt 21757,21860 and 21940 (Bank Nifty Spot Levels)

Sell below 21600 Tgt 21540,21430 and 21330 (Bank Nifty Spot Levels)

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Category: Daily

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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