Bank Nifty forms DOJI and ABCD pattern,EOD Analysis

  • Bank Nifty broken the swing low of 15762 yesterday made low of 15532 which was near 15500 as we have been discussing 15550 is strong support based on option analysis. Also Bank nifty has formed an ABCD pattern which got activated today, close above 15900 can see move towards 16121/16301. Bullish only on close above 16229.  Trade Like a Chameleon


  • Bank Nifty December Future Open Interest Volume is at 27.3 lakh with liquidation of 1.5 Lakh with decrease in Cost of Carry suggesting long positions were closed 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 @6.9 Lakh strong resistance formation @17000. 16500 CE saw no major liquidation bears have started booking there profits in shorts and added longs also .16000-17000 CE added 1.8 Lakh in OI, aggressive addition shown by bears,in 16200 CE as 16229 is very important level and bears hoping level will not be broken.
  • 15500 PE is having highest OI @6.3 lakh, strong support at 15500 and before that 16000 .16500-15500 PE liquidated 0.22 Lakh so bulls are still not adding eventhough bank nifty saw swift recovery from lower levels.

Buy above 15950 Tgt 16049,16130 and 16229 (Bank Nifty Spot Levels)

Sell below 15750 Tgt 15630,15550 and 15400 (Bank Nifty Spot Levels)

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