- As discussed in last analysis Breakout above 15650 and breakdown below 15450, in between will remain choppy. Low made today 15440 near gann arc, as soon as its touched Bank Nifty reacted violently moving almost 200 points in matter of minutes and bank nifty broke above 15650, and closing above 15704 suggesting we can see move towards 16100-16130 zone. Build your Trading Confidence
- Bank Nifty April Future Open Interest Volume is at 17.3 lakh with liquidation of 4.4 lakh, with increase in Cost of Carry suggesting long positions were closed today.Rollover cost @16000, Bank nifty closed below it and rewarded by 500 points How To Identify Market Tops and Bottom
- 16500 CE is having highest OI @6.2 Lakh resistance formation @16500 but saw liquidation of 1.3 lakh today,suggesting bears running for cover. 15000-17000 CE liquidated 2.2 lakh so bear ran for cover in 16000-16100 as Bank Nifty closed above 15700.
- 15000 PE is having highest OI @6 Lakh, strong support at 15000 followed by 15500, Bulls added 1.6 Lakh in OI in 15000-17000 PE as bank nifty closed below the demand zone of 15700 so bulls still not adding aggressively.
- Bank Nifty Futures Trend Deciding level is 15703 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 15924.How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 15860 Tgt 15950,16050 and 16120 (Bank Nifty Spot Levels)
Sell below 15700 Tgt 15620,15550 and 15300 (Bank Nifty Spot Levels)