- 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.Think Less & Keep It Simple
- Bank Nifty December Future Open Interest Volume is at 23.6 lakh with addition of 1 Lakh with increase in Cost of Carry suggesting long positions were added today .Bank Nifty rollover cost coming @ 16957 and corrected heavily one started trading below CoC Price.Can Traders make money in Stock market?
- 17500 CE is having highest OI @5.6 Lakh strong resistance formation @17500. 17000 CE added 0.38 lakh so bears continue to add position trading below rollover price .16500-17500 CE added 2 Lakh in OI, addition shown by bears.
- 16500 PE is having highest OI @5.3 lakh, strong support at 16500 followed by 16000 PE .16000-17000 PE added 1.2Lakh in OI addition was seen by Bulls even though bank nifty closed beow 16500 and no unwinding was seen suggesting we can see counter trend move soon.
Buy above 16480 Tgt 16570,16620 and 16710 (Bank Nifty Spot Levels)
Sell below 16330 Tgt 16240,16100 and 16000 (Bank Nifty Spot Levels)
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