- As discussed in last analysis After the initial rise Bank Nifty took resistance at pyrapoint 90 degree line as shown in 2 chart and closed below the gann trendline. We need close above gann trendline for bullish mode else we can again correct back to 16600/16300 odd levels. Today also Bank nifty was unable to close above the trendline and also unable to break the pyrapoint resistance of 90 degree as shown in 2 chart.Till its not crossed probability of bank nifty moving to 16700/800 exists,Breakout only on closed above 17652. Secrets of Profitable Traders Part-1
- Bank Nifty October Future Open Interest Volume is at 26 lakh with addition of 0.57 Lakh with increase in CoC suggesting long position were added today. Rollover cost @17334.
- 18000 CE OI at 5.6 lakh , wall of resistance @ 18000 .17500 CE added 35.2 K lakh so bears started building positions @17500 and will be difficult to cross, high made today was 17450. 17000-18000 CE added 1.2 Lakh in OI
- 17000 PE OI@ 45 lakhs strong base @ 17000 at start of series. 16500/17000 PE added 0.22 lakh so did not do any follow up from tomorrow addition of 1.2 lakh. If 17000 is broken and sustained we can see move towards 16500, today again 17000 was protected on closing basis.
- Bank Nifty Futures Trend Deciding level is 17326 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17286 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 17260 Tgt 17350,17410 and 17600 (Nifty Spot Levels)
Sell below 17050 Tgt 16950,16800 and 16710 (Nifty Spot Levels)
Levels mentioned are Bank Nifty Spot Levels