- As discussed in last analysis 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. Bank Nifty was unable to cross 16758 and made exact low of 16573 as we have discussed. Now break of 16573 can lead bank nifty back to 16286/15762 in coming week. Holding the same bounce to 16880/17031.Four Multi-Millionaire Traders Share Their Thoughts On Trading
- Bank Nifty December Future Open Interest Volume is at 22 lakh with liquidation of 0.64 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 @5.6 Lakh strong resistance formation @18000. 17000 CE added 0.83 lakh so bears added their positions as bank nifty unable to close above 16758.16500-17500 CE liquidated 1.86 Lakh in OI.
- 16000 PE is having highest OI @5.9 lakh, strong support at 16000 followed by 16500 PE .16000-17000 PE liquidated 1.65Lakh in OI major liquidation by Bull in 16000 PE an early indication we might break 16000.
Buy above 16650 Tgt 16700,16790 and 16850(Bank Nifty Spot Levels)
Sell below 16500 Tgt 16450,16380 and 16300(Bank Nifty Spot Levels)
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