Bank Nifty EOD Analysis for 16 May

  • As discussed in last analysis   Any close above 17067 will see swift move towards 17400.. Bearish only below 16500, High made today was 16891 and low made 16594 so Bank Nifty Bulls protected 16500 but bears gain a slight upper hand by closing below 16792. As we have gann trendline also near 16500, so need to be extra cautious in coming week as if 16500 get broken we can see quick downfall till 16300-16250. Bullish only on close above 16792.  Cella Quinn from Dishwasher to President of Investment Firm

Bank Nifty Supertrend

  • Bank Nifty May Future Open Interest Volume is at 17.1 lakh with liquidation of 0.6 lakh, with fall in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost is coming at 16860 closed below it. Do you know your Risk of Ruin in trading ?
  • 17000 CE is having highest OI @5.8 Lakh resistance formation @17500. 16000-18000 CE saw 2.9 lakh addition in OI so bears came back furiously as bank nifty closed above 16792.
  • 16000 PE is having highest OI @6.6 Lakh, strong support at 16000 followed by 16500, Bulls liquidated 1.1  Lakh in OI in 16000-18000 PE as Bank nifty closed below 16792

Buy above 16750 Tgt 16870,16960 and 17040 (Bank Nifty Spot Levels)

Sell below 16700 Tgt 16630,16580 and 16450 (Bank Nifty Spot Levels)

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