- As discussed in last analysis now beak of 16188 we can see move towards 16000. Bullish on close above 16500. Low made today was 16186 near gann trend line and demand zone as shown below, and High made was 16346 so unable to close above 16500 even though Bank Nifty was trading positive most part of the day,as it was unable to cross the gann arc. Bulls needs to close above gann arc, ie above 16500 for a rally. Bears needs to close below 16188 for next move towards 16000-15900. The Rameswaram BOY who became president
- Bank Nifty May Future Open Interest Volume is at 16.7 lakh with addition of 0.16 lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost is coming at 16860 continue to trade below, Do you know your Risk of Ruin in trading ?
- 17000 CE is having highest OI @6.4 Lakh resistance formation @17000 followed by 17500 . 16000-18000 CE saw 0.80 lakh addition in OI so bulls making resistance at higher levels as bank nifty closed below 16500.
- 16000 PE is having highest OI @4.2 Lakh, strong support at 16000 followed by 15500, Bulls added 0.11 Lakh in OI in 16000-18000 PE as Bank nifty bounced from 16188.
Buy above 16371 Tgt 16435,16526 and 16700 (Bank Nifty Spot Levels)
Sell below 16200 Tgt 16120,16050 and 15900 (Bank Nifty Spot Levels)
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