MAY EXPIRY BANK NIFTY
Daily Timeframe- trend is bearish support is at 17143, close below that on DT next support is 16791/16116
Hourly timeframe-
weak bullish but it needs to close above 17394 on HT.... if it does next resisance is 17702/18009....
OI and Interpretation
18000 has maximum call writers and it can act as a strong resistance
17000 has more put writers but there is call writing added in COI if calls writers gets added most likely 17000 support can be breached and next stabel support is at 16500.......if call writers unwind and put writers add then 17000 will act as a major support......
Daily Timeframe- trend is bearish support is at 17143, close below that on DT next support is 16791/16116
Hourly timeframe-
weak bullish but it needs to close above 17394 on HT.... if it does next resisance is 17702/18009....
OI and Interpretation
18000 has maximum call writers and it can act as a strong resistance
17000 has more put writers but there is call writing added in COI if calls writers gets added most likely 17000 support can be breached and next stabel support is at 16500.......if call writers unwind and put writers add then 17000 will act as a major support......