- As discussed in last analysis Now for coming week Only close above 16800 can fuel the expiry rally towards 17000, else any close below 16500 can see move towards 16350/16300. High made 17029 and low made 16572 so Bank Nifty broke 16800 and saw an impulsive rise towards 17000 as we have anticipated. Hope trades were able to capitalize over the move. Bank Nifty has closed above 200 DMA first time after 20 August, also we have broken the gann arc so if we move above 17100 we can see fast move towards 17500/17800. The Recency Effect – How it affects Trading
- Bank Nifty April Future Open Interest Volume is at 15 lakh with liquidation of 2.9 lakh, with decrease in Cost of Carry suggesting long positions were closed today.Rollover cost @16000 and Bank Nifty rallied almost 1000 points above it, Do you know your Risk of Ruin in trading ?
- 17500 CE is having highest OI @4 Lakh resistance formation @17000 . 16000-17000 CE saw 4.1 lakh liquidation in OI so bulls ran for cover once 16800 was broken.
- 16500 PE is having highest OI @5.5 Lakh, strong support at 16500 followed by 16000, Bulls added 5.2 Lakh in OI in 16500-17000 PE as bank nifty closed above the demand zone of 16800.
- Bank Nifty Futures Trend Deciding level is 16825 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 16186 .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 17050 Tgt 17150,17325 and 17500 (Bank Nifty Spot Levels)
Sell below 16950 Tgt 16870,16700 and 16580 (Bank Nifty Spot Levels)