- As discussed in Last analysis 17170 is the first level of resistance after that 17293 and than we can see quick move towards 17466. Support at 16862 and below that fast move towards 16600. Bank Nifty moved above 17170 did a quick move till 17262 gann singal line and trendline showed their effect and last 1 hour saw a decline of 300 points in 1 hour, as we have been discussing till Bank Nifty does not close above gann trendline and singal line all rallies will be used to short the market. Support remains at 16862 and below that 16587. Resistance at 17170 and than 17280. The importance of failure in succeeding at trading
- Bank Nifty November Future Open Interest Volume is at 21.8 lakh with liquidation of 0.94 Lakh with decrease in CoC suggesting long position were closed today. Rollover cost of Bank nifty is @ 17782, Can Traders make money in Stock market?
- 18000 CE is having highest OI @7.3 Lakh strong resistance formation @18000. 17500 CE added 0.44 lakh so bears added position as bank nifty unable to close above gann trendline ,close above 17500 will create panic in bear camp. 17500-18500 CE added 0.08 Lakh in OI still no major addition was seen by bears.
- 16500 PE is having highest OI @6.7 lakh strong base @16500 followed by 16000. 16000/17000 PE liquidated 0.32 lakh so bulls did not show major liquidation .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 17145 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17151 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 17100 Tgt 17170,17250 and 17320(Bank Nifty Spot Levels)
Sell below 17000 Tgt 16930,16800 and 16720 (Bank Nifty Spot Levels)