Bank Nifty does 23600 holding gann angle, EOD Analysis

By | June 7, 2017 9:12 pm
  • As discussed in Last Analysis   So as 23300 is held we will make another upmove towards 23450-23616-23760. Bearish below 23100 for a move towards 22800-22500.  High made today was 23536 new life high, Low made today was 23381 so bank nifty bulls protecting 23300 range. Till the low of 23300 protected bank nifty can continue to move higher towards 23616/23760. Bearish below 23300 for a move towards 23150/23000. As High made today was 23606 so bank nifty did the second target of 23616 as we discussed. Now bank nifty bulls should hold the range of 23450-23472 for next upmove towards 23760/23904. Bearish below 23400 for a move towards 23300/23170/23000 How Jesse Livermore Described Trading emotions

  • Bank Nifty June Future Open Interest Volume is at 29.3 lakh with liquidation of 0.02 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @22660, closed above it.
  • 23500 CE is having highest OI @5.2 Lakh resistance at 23500 followed 23700. 23500 liquidated 0.39 lakh so Bears continue to cover position at higher level as bank nifty continue to rally.
  • 23000 PE is having highest OI @6.7 Lakh, strong support at 23000 followed by 22800, Bulls added 1.3 Lakh position in OI in range of 22500-24500 making strong base in range of 23000-23200.

Buy above 23610 Tgt 23670,23720 and 23800 (Bank Nifty Spot Levels)

Sell below 23500 Tgt 23450,23350 and 23270 (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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