Bank Nifty close tad above breakout level,EOD Analysis

• Bank Nifty again today made high of 17940 forming multiple tops in range of 17940-17954  respecting our Weekly Chopad level of 17950 after giving breakout above 17850 failed to move above Friday high of 17947 made a high in opening at 17954 and came down, suggesting  no follow up move was seen. Today move can be seen as consolidation after big rise seen on Friday, It will be termed as failed breakout once it closed below 17827, (Close today was 17830), and the gann line as shown in the below chart. Above 17950 Bank nifty can move towards 18050/18144 and below 17800 back to 17652/17434 as shown in Supply demand chart .  Trading is a mental game
  

• Bank Nifty October Future Open Interest Volume is at 24.2  lakh with liquidation of 0.30 Lakh with decrease in CoC suggesting long position were closed today.
  

• 18500  CE  OI at 8.2  lakh with addition of 6.1  lakh suggesting , wall of resistance @ 18500 .17500 CE liquidated 0.05 lakh and 18000 CE added 0.50 so bears added positions in  18000 CE as Bank Nifty unable to close above 17950. 17000-18000 CE added 0.41 Lakh, so Bears added today once 17800 is broken we can see aggressive writing by bears.
  

• 17000 PE OI@ 6.8 lakhs  strong base @ 17000.  17500 PE  added 0.30  lakh so bulls wrote aggressively indicating  bank nifty has strong support at 17500. 16500/17500 PE liquidated 0.11 lakh so bulls took a pause once Bank nifty goes above 17950 bulls will come back else will give ground to bears.
  

• Bank Nifty Futures Trend Deciding level is 17866 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17575 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . Traders who followed TC levels have been rewarded by 500 points

Buy above 17950 Tgt 18040,18140 and 18300 (Bank Nifty Spot Levels)

Sell below 17800 Tgt 17700,17580 and 17450 (Bank Nifty Spot Levels)

 

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