Bank Nifty held on to 200 DMA,EOD Analysis

• As discussed in last analysis   High made today was 17023 bank nifty unable to scale above the supply zone level of 17067 and also the gann resistance line and bears got active below 16800 and saw the decline till  200 DMA, Break of 16700 can again see a quick fall till 16500, Bank Nifty made low of 16527 near our target of 16500 once 16800 was broken,and closed below 16800 but again held on to 200 DMA, so bulls are bears both are in dilemma. Volatility which we are seeing in market was due to Weekly and Monthly closing we had yesterday.Bulls need to close above 16800 and bears below 16500 for next 300-400 points move.   Are You a Carrot, Egg, or Coffee Bean?

 

• Bank Nifty May Future Open Interest Volume is at 17.7 lakh with addition of 1.2 lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost is coming at 16860 High made was 16946 got stopped out on long but shorts taken at 16860 saw almost 300 point fall, Do you know your Risk of Ruin in trading ?

• 17500 CE is having highest OI @3.6 Lakh resistance formation @17500 followed by 17000 . 16000-18000 CE saw 2.4 lakh addition in OI so bulls making resistance at higher levels.
  

• 16000 PE is having highest OI @3 Lakh, strong support at 16000 followed by 16500, Bulls added 1.9  Lakh in OI in 16000-18000 PE as bank nifty held on to 200 DMA.
  

• Bank Nifty Futures Trend Deciding level is 16777  (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 16847 .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 

Buy above 16750 Tgt 16820,16915 and 17035 (Bank Nifty Spot Levels)

Sell below 16700 Tgt 16600,16500 and 16410 (Bank Nifty Spot Levels)

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