- Bank Nifty formed an inside day pattern today as was unable to break the Friday High and low and again closed just below the demand zone of 17368 as we have discussed in last analysis. Bulls needs to close above 17368 for a move till 17600. Gunner still suggests bears are in control till we do not close above the gann trendline. If not bank nifty will move towards 17000 odd levels. What to Include in Successful Trading Plan
- Bank Nifty November Future Open Interest Volume is at 20.7 lakh with addition of 0.22 Lakh with increase in CoC suggesting short position were closed today. Rollover cost of Bank nifty is @ 17782
- 18000 CE is having highest OI @4.1 Lakh strong resistance formation @18000. 17500 CE added 0.2 lakh so bears forming wall @ 17500 as nifty was unable to close above 17368 demand zone. 17500-18500 CE added 1.3 Lakh in OI.
- 17000 PE is having highest OI @2.9 lakh strong base @17000 followed by 16500. 16500/17500 PE added 1.03 lakh not strong addition seen by bulls as compared to bears. Range of Bank Nifty at start of series is coming between 16500-17500.
- Bank Nifty Futures Trend Deciding level is 17350 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17340 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 17400 Tgt 17450,17520 and 17660 (Bank Nifty Spot Levels)
Sell below 17300 Tgt 17220,17100 and 17000(Bank Nifty Spot Levels)