- As discussed in Last Analysis Bank Nifty did the Shark pattern target 16523 , and should now head for the next target of 16254 as Bank nifty sustained below 16450,We have trendline support at 16292. Price action near 16254-16280 is important to know the next move.Bullish only on close above 16771. Bank Nifty did the final target of shark pattern as shown below, and also closed below the demand zone of 16286 and which increases probability of Bank Nifty going towards 15762/15800. Bullish only above 16300 Before Taking Trades Check your state of mind
- Bank Nifty December Future Open Interest Volume is at 24.1 lakh with addition of 0.53 Lakh with decrease in Cost of Carry suggesting short positions were added today .Bank Nifty rollover cost coming @ 16957 and corrected heavily one started trading below Rollover Price.Can Traders make money in Stock market?
- 17000 CE is having highest OI @5.5 Lakh strong resistance formation @17000. 16500 CE added 1.7 lakh so bears continue to add position trading below the demand zone .16000-17000 CE added 4.2 Lakh in OI, aggressive addition shown by bears.
- 16000 PE is having highest OI @5 lakh, strong support at 16000 followed by 15500 PE .16500 PE liquidated 1 Lakh in OI so bulls ran for cover as we discussed in last analysis.
Buy above 16130 Tgt 16200,16260 and 16350 (Bank Nifty Spot Levels)
Sell below 16050 Tgt 15995,15920 and 15800 (Bank Nifty Spot Levels)
Click Here to Like Facebook Page get Real time updates