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- As discussed in last analysis 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. We still did not get close above 16792 in past 2 trading session and low made 16535 so Bank Nifty Bulls protected 16500 on EOD basis but closed below gann trendline bears gain a slight upper hand by closing below gann trendline as shown below. We are going through time correction phase where market trades in a range, 02 May Bank Nifty close was 16543 and yesterday was 16565 so move of just 22 points in 13 trading session. We are also near the support of 16500 as shown in the 2 chart.
- Bank Nifty May Future Open Interest Volume is at 16.5 lakh with liquidation of 7.5 lakh, with rise in Cost of Carry suggesting short positions were added 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 @8.1 Lakh resistance formation @17500. 16000-18000 CE saw 1 lakh addition in OI so bears came back furiously as bank nifty closed above 16500.
- 16000 PE is having highest OI @6.7 Lakh, strong support at 16000 followed by 16500, Bulls liquidated 1 Lakh in OI in 16000-18000 PE as Bank nifty closed below 16500.
- Bank Nifty Futures Trend Deciding level is 16564 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 16672 .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 16530 Tgt 16580,16680 and 16750 (Bank Nifty Spot Levels)
Sell below 16400 Tgt 16350,16250 and 16100 (Bank Nifty Spot Levels)