Price is creating resistance at gann angles finding is diffcult to cross. As we have culimation of astro dates combined with NR7 pattern we can expect a good trending move. 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.
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 18.2 lakh with addition of 0.50 Lakh, with increase in Cost of Carry suggesting SHORT positions were added today.
A flat day. Though the trading volumes are high, not much changes are visible either in the FII activity on Bank Nifty Future OI. It is a pause day before both the bulls and bear camps plan their next course of action. Culmination of Astro Dates Mars going Ingress on 14 should act as a trigger for big move.
There is total OI of 1.75 Cr on the Call side and 1.20 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 36500 and reasonable resistance at 37000.
For Positional Traders Stay long till we are holding Trend Change Level 36525 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 36550 will act as a Intraday Trend Change Level.