Will Bank Nifty hold 16587,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 16626 near 16587, Once 16587 is broken we can move towards 16300. Close above 16850 is important  for move towards 17170/17396. From Gambling to Trading: Mindset Shifts That Help You Win



  • Bank Nifty December Future Open Interest Volume is at 23.5 lakh with addition of 2 Lakh with increase in CoC suggesting aggressive short position were added 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 added 0.97 lakh so bears added aggressive position in 17000 CE as bank nifty broke 16850.17000-18000 CE added 2.5 Lakh in OI.
  • 16500 PE is having highest OI @5.6 lakh adding 1.3 lakh suggesting , 16500 can give some respite in the fall followed by 16000 PE. Range of Bank Nifty still remains in the range of 16500-17500 start of December series.16000-17000 PE added 2.6 Lakh in OI so addition was seen by Bulls in 16000/16500.

Buy above 16750 Tgt 16810,16930 and 17060(Bank Nifty Spot Levels)

Sell below 16600 Tgt 16570,16480 and 16330 (Bank Nifty Spot Levels)

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