- As discussed in Weekly analysis 16622 is where Shark Harmonic pattern is complete and 16648 was demand zone, Low made 16587 on Monday and 16805 on Tuesday than bank nifty was in recovery mode, Till low of 16587 Bank Nifty remains in buy on dips mode. Now Bulls need a close above 17143/17170 for a quick move towards 17300/17470 where gann resistance line is present as shown in 2 chart.. Downside support at 16911/16772 and 16652 Muhurat Trading session: Vows Traders should make to avoid loss
- Bank Nifty November Future Open Interest Volume is at 24.3 lakh with liquidation of 0.35 Lakh with decrease in CoC suggesting long position were closed today. Rollover cost of Bank nifty is @ 17782
- 18000 CE is having highest OI @9.1 Lakh strong resistance formation @18000. 17500 CE added 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 major addition seen by bears.
- 16500 PE is having highest OI @4.9 lakh strong base @16500 followed by 16000. 16000/17000 PE added 0.79 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 17070 Tgt 17170,17368 and 17500 (Bank Nifty Spot Levels)
Sell below 16850 Tgt 16720,16590 and 16410(Bank Nifty Spot Levels)
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