- Bank Nifty formed an INSIDE DAY pattern unable to break previous day high and low, and unable to close above 17466 where demand zone lies. RBI policy turned out to be non event and lowest range we have seen in bank nifty in past ,Bank Nifty if it starts trading above 17466 the next crucial zone of resistance lies in range of 17620-17670 where we have a supply zone, 2 Harmonic pattern targets as discussed yesterday, so be extra cautious in the range of 17640-17670. Support at 17262/17170 range. GST impact on Indian Economy
- Bank Nifty December Future Open Interest Volume is at 20 lakh with addition of 0.86 Lakh with increase in CoC suggesting long position were added today.Bank Nifty rollover cost coming @ 17158 .Can Traders make money in Stock market?
- 18000 CE is having highest OI @4 Lakh strong resistance formation @18000. 17500 CE added 0.66 lakh so bears added major position as bank nifty unable to close above 17500 after RBI policy also.17000-18000 CE added 1.5 Lakh in OI.
- 17000 PE is having highest OI @6.5 lakh strong base @17000 followed by 16500 @3.9 Lakh. Range of Bank Nifty still remains in the range of 16500-17500 start of December series.17000-18000 PE added 1.7 Lakh in OI. Both Bulls and bears added equal position suggesting we might soon breakout of this range.
- Bank Nifty Futures Trend Deciding level is 17488 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17370 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . Traders who initiated on TC level were handsomely rewarded.
Buy above 17420 Tgt 17470,17550 and 17620(Bank Nifty Spot Levels)
Sell below 17330 Tgt 17270,17200 and 17100 (Bank Nifty Spot Levels)