- As discussed in previous analysis Bank Nifty broke support near gann arc and trendline as shown in below 2 charts, Bank Nifty closed below 16850 bank nifty moving towards 16587/16300. Low made today was 16626 near 16587, Once 16587 is broken we can move towards 16300. Close above 16850 is important for move towards 17170/17396. From Gambling to Trading: Mindset Shifts That Help You Win
- Bank Nifty December Future Open Interest Volume is at 23.5 lakh with addition of 2 Lakh with increase in CoC suggesting aggressive short position were added today.Bank Nifty rollover cost coming @ 17158 closing below it fall continues .Can Traders make money in Stock market?
- 18000 CE is having highest OI @6 Lakh strong resistance formation @18000. 17000 CE added 0.97 lakh so bears added aggressive position in 17000 CE as bank nifty broke 16850.17000-18000 CE added 2.5 Lakh in OI.
- 16500 PE is having highest OI @5.6 lakh adding 1.3 lakh suggesting , 16500 can give some respite in the fall followed by 16000 PE. Range of Bank Nifty still remains in the range of 16500-17500 start of December series.16000-17000 PE added 2.6 Lakh in OI so addition was seen by Bulls in 16000/16500.
- Bank Nifty Futures Trend Deciding level is 16798 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 17177 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . Traders who initiated on TC level were handsomely rewarded.
Buy above 16750 Tgt 16810,16930 and 17060(Bank Nifty Spot Levels)
Sell below 16600 Tgt 16570,16480 and 16330 (Bank Nifty Spot Levels)
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