- 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 17670 at gann arc ,corrected all the way till 17392. Bulls need a close above 17670 for next move till 18000 and bears will get active only on close below 17116. In between it will be rang bound move with time correction How to improve on trading results What is the main Reason for Your Trading Loss, We are running POLL on Twitter Please participate
- Bank Nifty May Future Open Interest Volume is at 16.5 lakh with liquidation of 0.49 lakh, with increase in Cost of Carry suggesting short 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 @4.1 Lakh resistance formation @18000. 17000-19000 CE saw 1.1 lakh addition in OI so bears forming resistance at higher levels as unable to close above 17700.
- 17000 PE is having highest OI @4.8 Lakh, strong support at 17000 followed by 16500, Bulls added 1.5 Lakh in OI in 17000-19000 PE.
Buy above 17500 Tgt 17600,17680 and 17777 (Bank Nifty Spot Levels)
Sell below 17400 Tgt 17320,17220 and 17116 (Bank Nifty Spot Levels)
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