Bank Nifty reacts from gann trendline,EOD Analysis

• As discussed in Last analysis Bulls needs to close nifty above 17293 which is signal line, else the rally will get sold into once again.  Bank Nifty needs to close above the signal line for a move towards 17466 else heading back towards 16862/16600 levels. 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. Are you a “News” Based Trader or Price action Based ?

 

• Bank Nifty November Future Open Interest Volume is at 25.8 lakh with addition of 1.25 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 @9 Lakh strong resistance formation @18000. 17500 CE added 1.3 lakh so bears added aggressive  position as bank nifty unable to close above signal line and also closed below 17000 ,close above 16500 will create panic in bull camp. 17500-18500 CE added 0.68 Lakh in OI  still no major addition seen by bears.

• 16500 PE is having highest OI @6.7 lakh strong base @16500 followed by 16000. 16000/17000 PE added 1.53 lakh addition seen by bulls, close above 16500 will create panic in bull camp.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 16991 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17160 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
  

Buy above 16950 Tgt 17070,17178 and 17300(Bank Nifty Spot Levels)

Sell below 16780 Tgt 16670,16587 and 16300 (Bank Nifty Spot Levels)

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