- As discussed in last analysis 16886/16772/16652 are 3 levels traders needs to see on downside below today low for possible relief rally, towards 17200/17368. Low made today was 16911 and High at 17143 also closed above the gann quadrant, Now Bulls need a close above 17170 for a quick move towards 17368. Downside support at 16886/16772 and 16652 We have discussed various scenarios which we can see after Bihar Election results are declared Bihar Election Result impact on Stock Market Case Study: How Emotion affect Trading
- Bank Nifty November Future Open Interest Volume is at 23.9 lakh with addition of 0.30 Lakh with increase in CoC suggesting short position were entered today. Rollover cost of Bank nifty is @ 17782
- 18000 CE is having highest OI @7.7 Lakh strong resistance formation @18000. 17500 CE added 1.1 lakh so bears forming wall @ 17500 as nifty was unable to close above 17170 new demand zone. 17500-18500 CE added 2.2 Lakh in OI.
- 17000 PE is having highest OI @3.8 lakh strong base @17000 followed by 16500. 16500/17500 PE added 0.98 lakh strong addition seen by bulls as compared to yesterday. Range of Bank Nifty at start of series is coming between 16500-17500.
Buy above 17200 Tgt 17280,17368 and 17600 (Bank Nifty Spot Levels)
Sell below 16900 Tgt 16835,16720 and 16610(Bank Nifty Spot Levels)
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