Bank Nifty bounces from Demand zone,EOD Analysis

• As discussed in Last analysis Bank Nifty was unable to close above the signal line and gann trendline and effect showed up today closing near the green gann arc, holding the same we can rally back to 17000/17170 but unable to close above it can see bank nifty falling towards 16587 as shown by supply and demand chart. Bank Nifty showed the power of gann arc did a gap up and bounced but still we are not out of woods till we do not close above gann trendline and gann signal line. 17170 is the first level of resistance after that 17293 and than we can see quick move towards 17466. Support at 16862 and below that fast move towards 16600. The importance of failure in succeeding at trading

 

• Bank Nifty November Future Open Interest Volume is at 22.7 lakh with liquidation of 3 Lakh with increase in CoC suggesting short position were closed today. Rollover cost  of Bank nifty is @ 17782, Can Traders make money in Stock market?
  

• 18000 CE is having highest OI @7.7 Lakh strong resistance formation @18000. 17500 CE liquidated 1.2 lakh so bears closed  position as bank nifty bounced from the gann arc ,close above 17500 will create panic in bear camp. 17500-18500 CE liquidated 2.7 Lakh in OI  still no major liquidation was seen by bears.

• 16500 PE is having highest OI @7.3 lakh strong base @16500 followed by 16000. 16000/17000 PE added 2.6 lakh addition seen by bulls .As we have been discussing  Range of Bank Nifty at start of series is coming between 16500-17500 and bank nifty is trading well within the range.

• Bank Nifty Futures Trend Deciding level is 17029 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17151 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
  

Buy above 17170 Tgt 17250,17330 and 17398(Bank Nifty Spot Levels)

Sell below 17000 Tgt 16930,16800 and 16720 (Bank Nifty Spot Levels)

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