- As discussed in last analysis Now Bulls need a close above 16792 for next move till 17000/17100. Bears will be active only below 16500 for move towards 16188. High made today was 16861 but closed below 16792, one we have a close above 16792 we can see next move towards 17067. Bearish only below 16500, Low made today was 16518 so we are in range bound scenario. The Importance Of Trading Plan WHICH emotion is overpowering you the Most, To Understand the same I have put a Poll on Twitter (https://twitter.com/brahmesh), Please participate
- Bank Nifty May Future Open Interest Volume is at 16.5 lakh with addition of 2.2 lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost is coming at 16860 continue to trade below, Do you know your Risk of Ruin in trading ?
- 17000 CE is having highest OI @5.2 Lakh resistance formation @17000 followed by 17500 . 16000-18000 CE saw 2.1 lakh addition in OI so bulls added in aggressive qty as close below 16792.
- 16000 PE is having highest OI @5.9 Lakh, strong support at 16000 followed by 15500, Bulls added 1.4 Lakh in OI in 16000-18000 PE as Bank nifty held on to 16500.
Buy above 16800 Tgt 16860,16940 and 17020 (Bank Nifty Spot Levels)
Sell below 16720 Tgt 16640,16560 and 16490 (Bank Nifty Spot Levels)
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