- As discussed in last analysis now beak of 16188 we can see move towards 16000. Bullish on close above 16500. Low made today was 16193 near gann trend line as shown below, and High made was 16398 so unable to close above 16500 even though Bank Nifty was trading positive most part of the day, rise was used to short as it was unable to cross the gann arc. How not to Increase Your Trading Losses
- Bank Nifty May Future Open Interest Volume is at 16.6 lakh with liquidation of 0.84 lakh, with increase in Cost of Carry suggesting short 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 @5.7 Lakh resistance formation @17000 followed by 17000 . 16000-18000 CE saw 1.2 lakh addition in OI so bulls making resistance at higher levels as bank nifty closed below 16500.
- 16000 PE is having highest OI @4.3 Lakh, strong support at 16000 followed by 15500, Bulls liquidated 0.02 Lakh in OI in 16000-18000 PE as Bank nifty continue to close below 16500.
Buy above 16300 Tgt 16380,16490 and 16590 (Bank Nifty Spot Levels)
Sell below 16180 Tgt 16090,16000 and 15900 (Bank Nifty Spot Levels)
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