Bank Nifty forms bearish engulfing pattern,EOD Analysis

  • As discussed in previous analysis Bank Nifty broke support near gann arc and trendline as shown in below 2 charts, Bank Nifty closed below 16850 bank nifty moving towards 16587/16300.  Low made today was 16260 near 16300. Breaking of todays low 16260 can see fast move towards green gann arc 16000.  Trade as per your trading strategy not MOOD

Weekly Gunner - Copy

  • Bank Nifty December Future Open Interest Volume is at 26. lakh with addition of 1.1 Lakh with decrease in CoC suggesting short position closed today.Bank Nifty rollover cost coming @ 17158 closing below it fall continues .Can Traders make money in Stock market?
  • 18000 CE is having highest OI @6.3 Lakh strong resistance formation @18000. 17000 CE added 0.83 lakh so bears added aggressive position in 17000 CE as bank nifty broke and closed below 16587.16500-17500 CE added 3.12 Lakh in OI.
  • 16000 PE is having highest OI @5.4 lakh, strong support at 16000, After more than 2 months Bank nifty has broken the range of 16500-17500, need to see if we get follow up downmove as 16500 PE still have the highest OI .16000-17000 PE liquidated 2.2 Lakh in OI so biggest liquidation of series  was seen by Bulls.

Buy above 16450 Tgt 16550,16640 and 16700(Bank Nifty Spot Levels)

Sell below 16250 Tgt 16150,16000 and 15900(Bank Nifty Spot Levels)

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