Bank Nifty near trendline support,EOD Analysis

• Bank Nifty after forming multiple tops in range of 17940-17954  respecting our Weekly Chopad level of 17950 after giving breakout above 17850 failed to move above Friday high of 17947 and today closed below the breakout area of 17850 but bounced from trendline support. Bank Nifty took support @ the rising trendline as shown in below chart and closed above the demand area 17652. Friday we can see a breakout/breakdown move so trade cautiously.  Above 17850 Bank nifty can move towards 17950/ 18050/18144 and below 17650 back to 17434/17368 . Happy Saraswati/ Ayudha Puja
  

 

• Bank Nifty October Future Open Interest Volume is at 22.8  lakh with liquidation of 1.38 Lakh with decrease in CoC suggesting long position were closed today.
  

• 18500  CE  OI at 8.3  lakh with addition of 0.12  lakh suggesting , wall of resistance @ 18500 .17500 CE added 0.07 lakh and 18000 CE added 0.99 so bears added positions in  18000 CE as Bank Nifty unable to close above 17850. 17000-18000 CE added 1.75 Lakh, so Bears added aggressively  today once 17800 is broken as we discussed yesterday.
  

• 17000 PE OI@ 6.5 lakhs  strong base @ 17000.  17500 PE  liquidated 0.31 lakh so bulls has started covering their position. 16500/17500 PE liquidated 0.11 lakh so bulls took a pause once Bank nifty goes above 17950 bulls will come back else will give ground to bears.
  

• Bank Nifty Futures Trend Deciding level is 17725(For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17583 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . Traders who followed TC levels got entry today and rewarded by 150 points.

Buy above 17750 Tgt 17850,17950 and 18044 (Bank Nifty Spot Levels)

Sell below 17500 Tgt 17400,17250 and 17150 (Bank Nifty Spot Levels)

 

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