- As discussed in last analysis Bank Nifty after correcting 2111 points in 11 trading days finally showed some respite to bulls and bounceback, High made today was 15338 and was unable to close above the weekly supply zone of 15320, Bulls need to close above the Weekly supply zone for more rise. Bank Nifty has closed above the gann line also and now has resistance at horizontal line @15380. So the range of 15320-15380 is very crucial closing above it bulls will rise more and unable to do so we can revisit 15000 level again. Bank Nifty opened with gap down and corrected till the green gann arc and than showed a sharp bounceback and close just above the gann arc, also forming a hammer candlestick. Closing above 15000 can see move towards 15320. Break of 14754 can see move towards 14440. Do you have what it takes to be a trader?
- Bank Nifty January Future Open Interest Volume is at 29.3 lakh with addition of 0.63 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.How To Identify Market Tops and Bottom
- 16000 CE is having highest OI @8.2 Lakh strong resistance formation @16000. 15000 CE saw 1.9 addition by bears is next line of resistance.15000-16000 CE added 7 Lakh in OI, aggressive addition shown by bears,in 14500-14800 CE.
- 15000 PE is having highest OI @4.6 lakh, strong support at 15000 and before that 14600 as it added highest OI in this series till date.14500-15500 PE saw 0.27 lakh addition so bulls not adding aggressively
- Bank Nifty Futures Trend Deciding level is 14870 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 15263.How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . Traders who took trade as per TC levels are rewarded with almost 2000 Points
Buy above 14950 Tgt 15060,15188 and 15320 (Bank Nifty Spot Levels)
Sell below 14900 Tgt 14780,14610 and 14480 (Bank Nifty Spot Levels)