Weekly F&O Expiry:Bank Nifty Analysis

  




As Discussed in Last Analysis  High made was 36756 so bulls unable to break 36860 and Bear got whipsawed below 36545 as low made was 36529, and we have formed NR7 pattern in bank nifty also. Plan remains the same Bulls need to break 36860 for a move towards 37002/37147/37292/37438. Bears will get active below 36545 for a move towards 36421/36276/36130/35985. Market will test our patience let levels come and Discipline will be rewarded. Bulls were able to enter longs and now waiting for the target of 37002/37147/37292/37438. We got big move as per Astro dates once high of 14 Sep was taken out. Bulls need a close above 37007 for the next upmove towards 37780. Bears will get active below 36729 for a move towards 36582/36375/36184.

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  • Bank Nifty Rollover cost @35609 closed above it. 36019 gone aand we are up 1000 points up in a two trading sessions. 
  • Bank Nifty Sep Future Open Interest Volume is at 17.6 lakh with liquidation of 0.44 Lakh, with increase in Cost of Carry suggesting  SHORT positions were closed today.
  • We are back to the tricky range of 37085-37249 BNF where Major OI was added so bulls need to cross this range for upmove towards life time high unable to do that fall back to lower end of range. 
  • There is total OI of 1.88 Cr on the Call side and 1.68 Cr on the Put side. So, the activity is more on CALL side indicating Option Writers are having Bearish Bias.
  • The Option Table data indicates decent support at 36600 and reasonable resistance at 37200.
  • For Positional Traders Stay long till we are holding Trend Change Level 36563 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 36836 will act as a Intraday Trend Change Level. 
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Buy Above 36880 Tgt 36975, 37071 and 37162 (Bank Nifty Spot Levels)

Sell Below 36780 Tgt 36687, 36591 and 36496 (Bank Nifty Spot Levels)

Upper End of Expiry : 37116

Lower End of Expiry : 36587




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