- Bank Nifty is unable to close above the gann green arc and 16800 level, also unable to close below 16500 suggesting fight is on between bulls and bears, break of 16500 can see move towards 16350/16188 and break above 16800 can see fast move towards 17000. Qualities professional trade needs to develop
- Bank Nifty May Future Open Interest Volume is at 17.8 lakh with addition of 0.03 lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost is coming at 16860 continue to trade below, Do you know your Risk of Ruin in trading ?
- 17500 CE is having highest OI @4.6 Lakh resistance formation @17500 followed by 17000 . 16000-18000 CE saw 3.1 lakh addition in OI so bulls making resistance at higher levels.
- 16500 PE is having highest OI @3.2 Lakh, strong support at 16500 followed by 16000, Bulls added 0.7 Lakh in OI in 16000-18000 PE as bank nifty closed below 200 DMA.
Buy above 16580 Tgt 16640,16710 and 16792 (Bank Nifty Spot Levels)
Sell below 16480 Tgt 16430,16330 and 16250 (Bank Nifty Spot Levels)
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