- As discussed in Last analysis Bulls needs to close nifty above 17293 which is signal line, else the rally will get sold into once again. Bank Nifty opened with gap up at signal line and unable to sustain above signal line and also gann trendline and fall down towards 17000 before showing recovery. Bank Nifty needs to close above the signal line for a move towards 17466 else heading back towards 16862/16600 levels. Job description of a Trader
- Bank Nifty November Future Open Interest Volume is at 24.5 lakh with liquidation of 0.03 Lakh with increase in CoC suggesting short position were closed today. Rollover cost of Bank nifty is @ 17782, Can Traders make money in Stock market?
- 18000 CE is having highest OI @9.4 Lakh strong resistance formation @18000. 17500 CE added 1 lakh so bears added to their position as nifty unable to close above signal line ,close above 17500 will create panic in bear camp. 17500-18500 CE added 0.29 Lakh in OI no major addition seen by bears.
- 16500 PE is having highest OI @5.5 lakh strong base @16500 followed by 16000. 16000/17000 PE added 0.84 lakh addition seen by bulls. As we have been discussing Range of Bank Nifty at start of series is coming between 16500-17500 and bank nifty is trading well within the range.
- Bank Nifty Futures Trend Deciding level is 17189 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17173 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 17200 Tgt 17280,17400 and 17465 (Bank Nifty Spot Levels)
Sell below 17080 Tgt 17000,16950 and 16855 (Bank Nifty Spot Levels)