- Bank Nifty after giving breakout above 17850 failed to move above Friday high of 17947 made a high in opening at 17954 and came down, suggesting no follow up move was seen. Today move can be seen as consolidation after big rise seen on Friday, It will be termed as failed breakout once it closed below 17827, (low formed today was 17817 and bounced back), and the gann line as shown in the below chart. Above 17950 Bank nifty can move towards 18050/18144 and below 17800 back to 17632/17500 . To be Champion Trader Think Like them
- Bank Nifty October Future Open Interest Volume is at 24.5 lakh with addition of 0.44 Lakh with decrease in CoC suggesting short position were added today. Rollover cost @17334, and bank nifty closed above it but near rollover price.
- 18500 CE OI at 7.6 lakh with addition of 0.12 lakh suggesting , wall of resistance @ 18500 .17500 CE liquidated 0.17 lakh and 18000 CE liquidated 0.34 so bears liquidated positions in 17500 and 18000 CE. 17000-18000 CE liquidated 0.63 Lakh, so Bears continued with liquidation even though bank nifty closed in red.
- 17000 PE OI@ 7 lakhs strong base @ 17000. 17500 PE added 0.81 lakh so bulls wrote aggressively indicating bank nifty has strong support at 17500. 16500/17500 PE added 0.67 lakh so bulls continue to add.
- Bank Nifty Futures Trend Deciding level is 17905 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17557 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . Traders who followed TC levels have been rewarded by 500 points
Buy above 17950 Tgt 18040,18140 and 18300 (Bank Nifty Spot Levels)
Sell below 17800 Tgt 17700,17580 and 17450 (Bank Nifty Spot Levels)