Bank Nifty forms Hammer near demand zone,EOD Analysis

  • As discussed in previous analysis Bank Nifty broke support near gann arc and trendline as shown in below 2 charts, Bank Nifty closed below 16850 bank nifty moving towards 16587/16300.  Low made today was 16573 near 16587, and bounced back forming a hammer candlestick. Holding today’s low can see move towards 16880/17031.  Trade as per your trading strategy not MOOD


  • Bank Nifty December Future Open Interest Volume is at 25.2 lakh with addition of 1.7 Lakh with decrease in CoC suggesting aggressive short position were added today.Bank Nifty rollover cost coming @ 17158 closing below it fall continues .Can Traders make money in Stock market?
  • 18000 CE is having highest OI @6 Lakh strong resistance formation @18000. 17000 CE added 0.13 lakh so bears added small position in 17000 CE as bank nifty held 16587.17000-18000 CE added 0.80 Lakh in OI.
  • 16500 PE is having highest OI @5.6 lakh adding 0.04 lakh suggesting , 16500 can give some respite in the fall followed by 16000 PE. Range of Bank Nifty still remains in the range of 16500-17500 start of December series.16000-17000 PE liquidated 0.03 Lakh in OI so small liquidation was seen by Bulls in 16000/16500.

Buy above 16800 Tgt 16845,16930 and 17060(Bank Nifty Spot Levels)

Sell below 16650 Tgt 16570,16500 and 16450 (Bank Nifty Spot Levels)

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