Bank Nifty corrects 500 points from Gann Resistance zone,EOD Analysis

•  As discussed in Last analysis  Bank Nifty opened with gap up High made today was 19816 ner the gann line of resistance near zone of resistance bulls failed to close above 19732, Low made today was 19492 and  Bears were unable to break 19451.  Bear will get upperhand on close below 19451 for target of 19340/19020 and bulls above 19732.  Bank Nifty bears finally broke 19451 and did the target of 19340, now trading below 19340 can see fast move towards 19185/19020. Bulls need a close above 19811 for the getting momentum back in their favor. Common Trading Mistakes

• Bank Nifty Oct Future Open Interest Volume is at 20.5  lakh with addition of 0.98 lakh, with rise in Cost of Carry suggesting long positions were added today. Bank nifty closed below Rollover cost 19803  Do you know your Risk of Ruin in trading ?

• 20000 CE is having highest OI @9.2 Lakh resistance at 20000. 19000-21000 CE saw 1.78 lakh addition in OI so bears added aggressively in 20000-20500 CE.

• 19500 PE is having highest OI @4.5 Lakh, strong support at 19500 followed by 19000, Bulls added 2.6 Lakh in OI in 18500-20500 PE  bulls held to 19500 level and added at lower range of 19000-19200 range.

• Bank Nifty Futures Trend Deciding level is 19555 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 19571 .How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 

Buy above 19450 Tgt 19530,19650 and 19780 (Bank Nifty Spot Levels)

Sell below 19280 Tgt 19180,19060 and 19000 (Bank Nifty Spot Levels)

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