- Bank Nifty opened gap down and reacted sharply from the SHARK patter PRZ zone as discussed in Weekly Analysis, updated chart is shown below. 16523 is the target of the pattern low made today was 16575, today low is also important demand zone if closed below it can see Bank nifty correcting towards 16286/16072 odd levels. Bullish only on close above 16771.Top 3 Things Successful Traders Do
- Bank Nifty December Future Open Interest Volume is at 20.8 lakh with addition of 3.3 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 CoC Price.Can Traders make money in Stock market?
- 17500 CE is having highest OI @5.3 Lakh strong resistance formation @17500. 17000 CE added 1.5 lakh so bears added their positions aggressively once trading below rollover price r.16500-17500 CE added 4.5 Lakh in OI,huge addition shown by bears.
- 16500 PE is having highest OI @4.9 lakh, strong support at 16500 followed by 16000 PE .16000-17000 PE added 4.3Lakh in OI aggressive addition was seen by Bulls even though bank nifty was down 450 points, break of 16500 can see fast unwinding of positions.
Buy above 16650 Tgt 16710,16805 and 16920 (Bank Nifty Spot Levels)
Sell below 16550 Tgt 16460,16330 and 16200(Bank Nifty Spot Levels)
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