- As discussed in last analysis If we close below 16349 tomorrow we can fall till 16000 till expiry, Bullish only on close above 16431. Low made today was 16368 so 16350 was not broken and high made was 16501 and we closed above 16431, so bulls have upper hand now and above 16500 can take index to 16734/16792. Ways to Improve Discipline in Trading
- Bank Nifty May Future Open Interest Volume is at 14 lakh with liquidation of 1.6 lakh, with increase in Cost of Carry suggesting short 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 @9.7 Lakh resistance formation @17000. 16500-17500 CE saw 0.59 lakh addition in OI so bears added in small qty as bank nifty closed above 16350/16431.
- 16000 PE is having highest OI @6.7 Lakh, strong support at 16000 followed by 16500, Bulls added 3.2 Lakh in OI in 16000-17000 PE as Bank nifty closed above 16350/16431, so hopeful of bounce.
- Bank Nifty Futures Trend Deciding level is 16441 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 16651 .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 16580 Tgt 16650,16720 and 16792 (Bank Nifty Spot Levels)
Sell below 16440 Tgt 16380,16310 and 16250 (Bank Nifty Spot Levels)