- As discussed in last analysis Next move will only happen on close above 17700 for move towards 18000. Bearish on close below 17000. Range of 17500-17650 is important supply zone. High made today was 17762 at gann arc ,closed abve 17670. As Bulls closed above 17670 and gann arc suggesting we can see next move till 18000 and bears will get active only on close below 17500. So Bulls have upper hand now before the RBI Policy, so closing above 17670 we are heading towards 18000. What goes around comes around
- Bank Nifty May Future Open Interest Volume is at 17.2 lakh with liquidation of 0.39 lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost is coming at 16995 closed above it. Do you know your Risk of Ruin in trading ?
- 18000 CE is having highest OI @4.7 Lakh resistance formation @18000. 17000-19000 CE saw 0.44 lakh addition in OI so bears did not add aggressively as close was just above 17670.
- 17000 PE is having highest OI @5.2 Lakh, strong support at 17000 followed by 16500, Bulls added 0.64 Lakh in OI in 17000-19000 PE as close was just above 17670.
Buy above 17750 Tgt 17810,17860 and 17950(Bank Nifty Spot Levels)
Sell below 17700 Tgt 17630,17590 and 17500 (Bank Nifty Spot Levels)
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