Bank Nifty Analysis before NFP Data

By | September 2, 2021 8:34 pm
  • As discussed in  Last Analysis   All target done as we made high of 36997 before seeing an intraday correction as price reacted from gann angle resistance as shown below, forming gravestone doji candel by the close. As we have weekly expiry tommrow Bears will have chance below 36518 for a move back to 36422/36327/36241. Major Trend change below 36241 only. Bulls need a close baove 36614 for a move back to 36709/36805/36901/36997. Bulls were able to do 3 target on upside as we have weekly close tommorow and Bulls are on Driving seat watch out ofr intraday reversal time on 2:39 to catch a good trade.We have NFP Data and Aphelion of Mercury on Monday suggesting we will get a big gap up or down on Monday so carry overnight position with caution. Now Bulls need to move above 36948 for a quick move towards 37044/37140/37236. Bears have there chance below 36729 for a move towards 36568/36300.

  • 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 17.8 lakh with liquidation of 0.75 Lakh, with increase in Cost of Carry suggesting  SHORT positions were closed today.
  • Bank Nifty made high of 36895 unable to break Wednesday high and near the psycological level of 37000,FII selling Options worth 3381 cr I will not be surprised if we get a ranged movement tommrow also – where option premium gets killed and we take the next move based on NFP data on Friday evening. Tommrow NFP data will be very important as it will give clue on Fed Tapering so Monday we will open big gap up or down.
  • There is total OI of 7 Lakh on the Call side and 7.9 Lakh on the Put side. So, the activity is more on the PUT side, indicating Option Writers are having Bullish Bias entering in new series.
  • The Option Table data indicates decent support at 36000 and reasonable resistance at 37200 followed by 37500.
  • For Positional Traders Stay long till we are holding Trend Change Level 36312 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 36835 will act as a Intraday Trend Change Level. 

Buy Above 36900 Tgt 36994, 37125 and 37350 (Bank Nifty Spot Levels)

Sell Below 36729 Tgt 36610, 36500 and 36350 (Bank Nifty Spot Levels)

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