Bank Nifty close shy of 17950,EOD Analysis

• As discussed in last analysis Bank Nifty took support @ the rising trendline as shown in below chart and closed above the demand area 17652. Friday we can see a breakout/breakdown move so trade cautiously.  Above 17850 Bank nifty can move towards 17950/ 18050/18144 and below 17650 back to 17434/17368 .  Bank Nifty open with gap made low of 17852 rallied till 17980 and closed at 17934. As Bank nifty is closing above gann line of resistance so it heading to gann swing point at 18044 and above that 18144, Support at 17850 below that  can move to 17652. How to develop yourself as Profitable trader
  

• Bank Nifty October Future Open Interest Volume is at 20.8  lakh with liquidation of 1.9 Lakh with increase in CoC suggesting short  position were closed today.
  

• 18500  CE  OI at 7.7  lakh with liquidation of 0.60  lakh suggesting , wall of resistance @ 18500 .17500 CE liquidated 0.26 lakh and 18000 CE liquidated 1.5 lakh so bears who added position yesterday ran for cover in 18000 CE as Bank Nifty close above 17850. 17000-18000 CE liquidated 2.33 Lakh, so Bears added aggressively on Thursday all ran for cover.
  

• 17000 PE OI@ 6  lakhs  strong base @ 17000.  17500 PE  added 0.75 lakh so bulls has started adding their position. 16500/17500 PE added 0.98  lakh so bulls need further confirmation with close above 17950 to add aggressively.
  

• Bank Nifty Futures Trend Deciding level is 17921 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17601 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . Traders who followed TC levels got entry today and rewarded by 400 points in 2 trading sessions
  

Buy above 18000 Tgt 18050,18120 and 18200 (Bank Nifty Spot Levels)

Sell below 17900 Tgt 17800,17740 and 17600 (Bank Nifty Spot Levels)

 

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