- As discussed in last analysis Gann Time Analysis suggests we can see big move tomorrow. Gunner still suggests bears are in control till we do not close above the gann trendline. If not bank nifty will move towards 17000 odd levels.Bank Nifty obliged by giving big move and also did the gunner target on downside as shown in below chart. 16886/16772/16652 are 3 levels traders needs to see on downside below today low for possible relief rally, towards 17200/17368. We have discussed various scenarios which we can see after Bihar Election results are declared Bihar Election Result impact on Stock Market
- Bank Nifty November Future Open Interest Volume is at 23.6 lakh with addition of 1.48 Lakh with increase in CoC suggesting short position were entered today. Rollover cost of Bank nifty is @ 17782
- 18000 CE is having highest OI @7.4 Lakh strong resistance formation @18000. 17500 CE added 1.2 lakh so bears forming wall @ 17500 as nifty was unable to close above 17368 demand zone. 17500-18500 CE added 4.4 Lakh in OI.
- 17000 PE is having highest OI @3.8 lakh strong base @17000 followed by 16500. 16500/17500 PE added 0.41 lakh not strong addition seen by bulls as compared to bears. Range of Bank Nifty at start of series is coming between 16500-17500.
- Bank Nifty Futures Trend Deciding level is 17114 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17341 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 17050 Tgt 17110,17170 and 17248 (Bank Nifty Spot Levels)
Sell below 16900 Tgt 16835,16700 and 16610(Bank Nifty Spot Levels)
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