- As discussed in last analysis Bank Nifty again went near the new demand zone quickly recovered all the looses, closed well above the new demand zone of 16286. Bulls can push prices towards 16573/16758, strong support exits near the gann green arc as shown in second chart, closing above the gann line @16580 can push prices all the way towards 17000 in coming sessions. 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. How to Handle Trading Loss ?
- Bank Nifty December Future Open Interest Volume is at 23.8 lakh with liquidation of 1.8 Lakh with increase 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 Lakh strong resistance formation @18000. 17000 CE liquidated 0.47 lakh so bears liquidated their positions as bank nifty broke and closed above 16573.16500-17500 CE liquidated 0.5 Lakh in OI.
- 16000 PE is having highest OI @6.6 lakh, strong support at 16000 followed by 16500 PE .16000-17000 PE added 0.36 Lakh in OI by Bulls.
- Bank Nifty Futures Trend Deciding level is 16565 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 16954 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . Traders who initiated on TC level were handsomely rewarded.
Buy above 16700 Tgt 16800,16900 and 17000(Bank Nifty Spot Levels)
Sell below 16500 Tgt 16420,16350 and 16250 (Bank Nifty Spot Levels)