- As discussed in Last Analysis As we discussed 17 June is important trend change day so low made on Friday is important ie.23391 holding the same we can continue to move higher towards our target. So we saw the effect of Geometric time cycle with Bank Nifty up by 250 points and in process doing our 1 target of 23760, Now bulls should hold for 23500 for further move towards 23960/24144. Bearish below 23400 for a move towards 23300/23150/23000. Low made was 23651 and high made was 23760 so bank nifty traded in small range and protected 23500 and also formed NR7 pattern, Also we are approaching crucial time cycle day for bank nifty on 21-22 June so traders should be ready for good move in bank nifty in next 2-3 days. Bullish above 23760 for a move towards 23904/24048/24144. Bearish below 23616 for a move towards 23474/23328/23150. What Stock Trader can Learn from Doctor
- Bank Nifty June Future Open Interest Volume is at 24.1 lakh with liquidation of 0.19 Lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @22660, closed above it.
- 24000 CE is having highest OI @5.6 Lakh resistance at 23700 followed 24000. 22500-24500 PE added 1.41 lakh so Bears added position in 23700-24000 range.
- 23000 PE is having highest OI @11 Lakh, strong support at 23000 followed by 22800, Bulls added 4 Lakh position in OI in range of 22500-24500 making strong base in range of 23000-23200.
- Bank Nifty Futures Trend Deciding level is 23707 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 23385, Low made on Friday was 23379 and bounced back 300 points. How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 23720 Tgt 23800,23865 and 23950 (Bank Nifty Spot Levels)
Sell below 23640 Tgt 23580,23520 and 23400 (Bank Nifty Spot Levels)
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