Bank Nifty bounces from gann trendline,EOD Analysis

As discussed in last analysis 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. We have been Highlighting the importance of 16188 as its near gann trendline as shown below also a demand zone number, Low made on Friday was 16186 and Bank Nifty saw almost 500 points move on upside. Now Bulls need a close above 16792 for next move till 17000/17100. Bears will be active only below 16500 for move towards 16188. How Emotions Hijack trading WHICH emotion is overpowering you the Most, To Understand the same I have put a Poll on Twitter (https://twitter.com/brahmesh), Please participate

Bank Nifty May Future Open Interest Volume is at 16.7 lakh with liquidation of 0.01 lakh, with increase in Cost of Carry suggesting long positions were closed 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 @5.5 Lakh resistance formation @17000 followed by 17500 . 16000-18000 CE saw 1.5 lakh liquidation in OI so bulls ran for cover once 16500 was crossed.

16000 PE is having highest OI @4.7 Lakh, strong support at 16000 followed by 15500, Bulls added 2.11 Lakh in OI in 16000-18000 PE as Bank nifty bounced from 16188.

Bank Nifty Futures Trend Deciding level is 16661 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 16601 .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .