Bank Nifty Analysis for 16 Dec

As Discussed in Last Analysis We can see Potential Price Time Squaring today as Price near Important gann angle resistance as shown below combined by Time cycle suggesting potential big move in next 2 days. Bulls need to break 30850 for a move back to 31000/31248/31500. Bears below 30610 can push index back to 30525/30410/30250/30000.Bears below 30610 were able to do 2 target on downside as price corrected from gann angle resistance,but we did not got the trending move, Till we are below 30830 Solar Eclipse High Bears have slight upper hand.Bulls need to break 30850 for a move back to 31000/31248/31500. Bears below 30610 can push index back to 30525/30410/30250/30000.

Intraday time for reversal can be at 9:31/10:39/11:13/12:25/1:35/2:17/2:47 How to Find and Trade Intraday Reversal Times

Bank Nifty Nov Future Open Interest Volume is at 14.3 lakh with liquidation of 1.6 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @29413 closed above it.

31000 CE is having highest OI @12.8 Lakh resistance at 31000 followed 31300.29000-31000 CE added 12 Lakh in OI so bears added position in the zone of 30500-31000.

30500 PE is having highest OI @22.6 Lakh, strong support at 30500 followed by 30300.29000-31000 PE added 22 Lakh OI so bulls making support in the range of 30200-30300.

Bank Nifty Futures Trend Deciding level is 30565 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 30615 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .

Buy Above 30810 Tgt 30920,31040 and 31323 (Bank Nifty Spot Levels)