- As discussed in Weekly analysis 16622 is where Shark Harmonic pattern is complete and 16648 was demand zone, Low made 16587 on Monday and 16805 on Tuesday and 16741 on Thursday than bank nifty was in recovery mode, Till low of 16587 Bank Nifty remains in buy on dips mode. Now Bulls need a close above 17143/17170 for a quick move towards 17300/17470 where gann resistance line is present as shown in chart.Downside support at gann arc near 16772 and 16652 Do you want to be a trader ?
- Bank Nifty November Future Open Interest Volume is at 24.2 lakh with liquidation of 0.11 Lakh with increase in CoC suggesting short position were closed today. Rollover cost of Bank nifty is @ 17782, Can Traders make money in Stock market?
- 18000 CE is having highest OI @8.9 Lakh strong resistance formation @18000. 17500 CE added 0.18 lakh so bears forming wall @ 17500 followed by minor addition in 17000 as Bank nifty was unable to close above 16940 new demand zone. 17500-18500 CE added 0.37 Lakh in OI no major addition seen by bears.
- 16500 PE is having highest OI @5 lakh strong base @16500 followed by 16000. 16000/17000 PE added 0.89 lakh strong addition seen by bulls as compared to yesterday. As we have been discussing Range of Bank Nifty at start of series is coming between 16500-17500 and bank nifty is trading well within the range.
- Bank Nifty Futures Trend Deciding level is 16917 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17175 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 16940 Tgt 17010,17099 and 17220 (Bank Nifty Spot Levels)
Sell below 16860 Tgt 16800,16743 and 16660 (Bank Nifty Spot Levels)