Bank Nifty Technical Analysis for 16 November

As Discussed in Last Analysis Jupiter is Ruling Plannet of Bank Nifty so again we will see Big move in Bank Nifty. Bears need to break 38636 for a move towards 38512/38319/38171. Bulls need to move above 38809 for a move towards 38935/39100/39236. Bulls were able to do 2 target on upside ,Tommrow Bank NIfty is completing 144 days from 19 April Low so its an important date to be watched out for as 38229 is the level of gann angle support zone, if we touch than and bounce we can see potential gann price time squaring. Bulls need to move above 38809 for a move towards 38935/39100/39236. Bears need to break 38636 for a move towards 38512/38319/38171.

Intraday time for reversal can be at 9:15/10:32/11:34/12:23/2:19 How to Find and Trade Intraday Reversal Times

Bank Nifty Nov Future Open Interest Volume is at 20.2 lakh with addition of 0.86 Lakh contract , with increase in Cost of Carry suggesting SHORT positions were added today. Rollover @ 41030.

The Option Table data indicates decent support at 38500 and reasonable resistance at 39000

For Positional Traders Stay long till we are holding Trend Change Level 38443 on Futures and stay short below it. That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 38927 will act as a Intraday Trend Change Level.

Buy Above 38755 Tgt 38861, 39010 and 39225 (Bank Nifty Spot Levels)