- As discussed in last analysis one we have a close above 16792 we can see next move towards 17067. Bearish only below 16500, High made today was 16962 and closed above 16792, so Bank Nifty Bulls protected 16500 and now almost did 17000. Any close above 17067 will see swift move towards 17400. How to Identify Fear in Trading
- Bank Nifty May Future Open Interest Volume is at 17.7 lakh with addition of 1.18 lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost is coming at 16860 finally closed above it, Do you know your Risk of Ruin in trading ?
- 17500 CE is having highest OI @5.3 Lakh resistance formation @17500. 16000-18000 CE saw no addition in OI so bears did not do much as bank nifty closed above 16792. If we see weekly close above 16792 bulls will cover their position.
- 16000 PE is having highest OI @6.4 Lakh, strong support at 16000 followed by 16500, Bulls added 2.3 Lakh in OI in 16000-18000 PE as Bank nifty closed above 16792
Buy above 16970 Tgt 17045,17140 and 17200 (Bank Nifty Spot Levels)
Sell below 16880 Tgt 16800,16711 and 16600 (Bank Nifty Spot Levels)
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