Bank Nifty continue to trade below gann angle,EOD Analysis

By | April 20, 2017 8:07 pm
  • As discussed in Last Analysis Bank Nifty opened above 21600 but as soon as 21600 was broken in 1 hour of trading fall started and low made was 21470 near our target of 21480. Till be trade below 21600 we can see a move towards 21350 which is important level both as per gann price theory and gann angles. Bullish above 21700 for a move towards 21900/22111.  High made today was 21558 so bulls were not able to break 21600 and bears continue to made lower low near 21396 near our target of 21350. Bullish only above 21600 for a move till 21750/21900. Below 21350 if we break we can see fast move towards 21150/21000.  TIMELESS STOCK TRADING RULES of WD Gann

  • Bank Nifty April Future Open Interest Volume is at 29.1 lakh with Liquidation of 1.44 Lakh, with decrease in Cost of Carry suggesting Long positions were closed today. Bank nifty Rollover cost @21316, closed above it and Rollover % at 65.2
  • 22000 CE is having highest OI @7.6 Lakh resistance at 22000. 20500-22500 CE saw addition of 8.7  lakh in OI suggesting bears used the fall to add good amount of OI in range of 21700-22000.
  • 21500 PE is having highest OI @7.4 Lakh, strong support at 21300 followed by 21000, Bulls added 5.8  Lakh position in OI in range of 20500-22500 .

Buy above 21500 Tgt 21560,21640 and 21710 (Bank Nifty Spot Levels)

Sell below 21450 Tgt 21360,21350 and 21100 (Bank Nifty Spot Levels)

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