- Bank Nifty closed above 200 DMA for 2 day in a row, Bulls need a close above 17100 which is supply zone and also gann resistance line as shown in below 2 chart, for next move till 17400, Strong support around 16800 zone, Bears will be active only on close below 16800 for a quick move till 16500 . Patience Is A Trader’s Virtue
- Bank Nifty May Future Open Interest Volume is at 10 lakh with addition of 2 lakh, with increase in Cost of Carry suggesting long positions were added today.As of now 46 % Rollover was seen in Bank nifty and Rollover cost is coming at 16850, Do you know your Risk of Ruin in trading ?
- 17000 CE is having highest OI @7.4 Lakh resistance formation @17000 . 16800-17300 CE saw 3.8 lakh addition in OI so bulls making resistance in zone of 17000-17100.
- 16500 PE is having highest OI @3.9 Lakh, strong support at 16500 followed by 16800, Bulls added 1.1 Lakh in OI in 16800-17200 PE as bank nifty closed above the demand zone of 16800.
Buy above 16900 Tgt 16970,17067 and 17137 (Bank Nifty Spot Levels)
Sell below 16800 Tgt 16730,16650 and 16500 (Bank Nifty Spot Levels)
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