- As discussed in last analysis Bank Nifty bounced as we have discussed and closed just above the new demand zone of 16573, Holding the same we can see move towards 16578 and 16880. These are 2 levels we have gann resistance also as shown in 2 chart. Support is at 16286/16024. Bank Nifty opened gap up filled gap made low near 16544 near demand zone of 16573 and saw a good bounce back from supply zone towards the 16758 which was gann resistance line also, and was unable to close above it. Closing above 16758 is important for next round of upove towards 16900/17000, else we can revisit 16573 again. How to Handle Trading Loss ?
- Bank Nifty December Future Open Interest Volume is at 22.6 lakh with liquidation of 1.1 Lakh with decrease in CoC suggesting long 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 @5.7 Lakh strong resistance formation @18000. 17000 CE liquidated 0.29 lakh so bears added their positions as bank nifty unable to close above 16758.16500-17500 CE liquidated 0.15 Lakh in OI.
- 16000 PE is having highest OI @6.9 lakh, strong support at 16000 followed by 16500 PE .16000-17000 PE added 0.04 Lakh in OI no major addition by Bulls.
Buy above 16772 Tgt 16827,16910 and 17000(Bank Nifty Spot Levels)
Sell below 16650 Tgt 16600,16460 and 16380 (Bank Nifty Spot Levels)
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