- As discussed in last analysis Till 16000 is held bulls hope are alive for a move till 16500/16700 zone. Bank Nifty made high of 16770 but closed below 16700. As per gann arcs, Support is in range of 16400-16500 and resistance at 16800. Breakout above 16800 for a move towards 17000,Breakdown below 16500 for a move towards 16300-16250. How Fear and Greed affects trading
- Bank Nifty April Future Open Interest Volume is at 19 lakh with addition of 0.85 lakh, with decrease in Cost of Carry suggesting short positions were added today.Rollover cost @16000 and Bank Nifty gave impulsive move once closed above it, Do you know your Risk of Ruin in trading ?
- 17000 CE is having highest OI @7.2 Lakh resistance formation @17000 . 16000-17000 CE liquidated 3 lakh as bank nifty closed above 16350 hence bears ran for cover.
- 16000 PE is having highest OI @6.8 Lakh, strong support at 16000 followed by 15600, Bulls added 4.7 Lakh in OI in 16000-17000 PE as bank nifty closed above the demand zone of 16300.
- Bank Nifty Futures Trend Deciding level is 16695 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 16062 .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 16650 Tgt 16762,16888 and 17000 (Bank Nifty Spot Levels)
Sell below 16580 Tgt 16520,16400 and 16280 (Bank Nifty Spot Levels)