Bank Nifty unable to close above supply zone,EOD Analysis

• Bank Nifty tried to move on the demand zone @17368 but for 4 day in row continued to close below it,  Bulls needs to close above 17368 for a move till 17600. Gunner still suggests bears are in control till we do not close above the gann trendline. If not bank nifty will move towards 17000 odd levels.How to Prepare Successful Trading Plan

 

• Bank Nifty November Future Open Interest Volume is at 21.4  lakh with addition of 0.67 Lakh with decrease in CoC suggesting short position were entered today. Rollover cost  of Bank nifty is @ 17782
  

• 18000 CE is having highest OI @4.9 Lakh strong resistance formation @18000. 17500 CE liquidated 0.01 lakh so bears forming wall @ 17500 as nifty was unable to close above 17368 demand zone. 17500-18500 CE added 1.2 Lakh in OI.

• 17000 PE is having highest OI @3.1 lakh strong base @17000 followed by 16500. 16500/17500 PE added 0.70 lakh not strong addition seen by bulls as compared to bears. Range of Bank Nifty at start of series is coming between 16500-17500.

• Bank Nifty Futures Trend Deciding level is 17430 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17362 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
  

Buy above 17360 Tgt 17420,17540 and 17640 (Bank Nifty Spot Levels)

Sell below 17300 Tgt 17250,17160 and 17088(Bank Nifty Spot Levels)

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