- As discussed in Last Analysis Fresh shorts should be taken below 17800 only for a move towards 17640/17440. As seen in below chart Unable to close above 18250 we can see fall towards 16980/16500. Bank Nifty made low of 17606 and staged a good recovery but in this rise also was not able to close above 18254 as High made was 18246. Now Bank Nifty needs to close above 18250 for a move towards 18524/18739. Bearish below 18000 for a move towards 17800/17600/17420. Traders New Year’s Resolutions for 2017
- Bank Nifty Jan Future Open Interest Volume is at 20 lakh with addition of 1 lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty rollover @66.9 and Rollover cost @17905 closed above it.
- 18500 CE is having highest OI @5 Lakh resistance at 18500. 17500-18500 CE saw addition of 3.4 lakh in OI so bears added in 18500-18800 CE suggesting 18500 is resistance for time being
- 18000 PE is having highest OI @ 5 Lakh, strong support at 18000 followed by 17500, Bulls added 3.7 Lakh in OI in range of 17500-19500 PE.
- Bank Nifty Futures Trend Deciding level is 18213 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 18103 .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 18150 Tgt 18250,18370 and 18500 (Bank Nifty Spot Levels)
Sell below 18050 Tgt 17920,17870 and 17820(Bank Nifty Spot Levels)
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