Bank Nifty has formed an Inside Bar today and tommrow we have Shemitah cycle combined with Mars Yod Jupiter aspect suggesting we should get big move in next 2 trading sessions. Bulls need to move above 36864 for a move towards 37044/37236/34700. Bears will get active below 36468 for a move towards 36369/36185/36000/35816
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 19.9 lakh with liquidation of 0.60 Lakh, with decrease in Cost of Carry suggesting SHORT positions were added today.
An important aspect to be remembered is on 02 Sep, Bank NIFTY Futures OI was 17.8 L contracts and today OI is 19.9 L contracts. An increase of 2L contracts – remember on most of the days in between, price opened up 37033-37037 range on upside and 36670-3690 on downside. I would consider them to be shorts in the system at higher prices. Any day we close below 36500 we would see a fast decline.
There is total OI of 2.64 Cr on the Call side and 1.54 Cr on the Put side. So, the activity is more on the CALL side, indicating Option Writers are having Bearish Bias.
The Option Table data indicates decent support at 36000 and reasonable resistance at 37000 followed by 37500.
For Positional Traders Stay long till we are holding Trend Change Level 36454 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 36817 will act as a Intraday Trend Change Level.