Weekly F&O Expiry:Bank Nifty Analysis

By | September 1, 2021 8:47 pm
  • As discussed in  Last Analysis   Low made was 36216 so bulls managed to hold 36200 and did 1 target on upside. Now For rally to continue till 36666/36864/37017 bulls need to hold 36241. Bears will have chance below 36200 for a quick move towards 36076/35981/35886/35792.We are back to gann angle resistance as shown in below chart for where we have corrected last time watch out for 36241 next few sessions. 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.

  • 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 18.5 lakh with addition of 0.54 Lakh, with increase in Cost of Carry suggesting  SHORT positions were added today.
  • Bank Nifty made high of 36997 near the psycological level of 37000,and FII selling Options worth 4775 cr I will not be surprised if we get a ranged movement in the next two days – where option premium gets killed and we take the next move based on NFP data on Friday evening.
  • There is total OI of 12.7 Lakh on the Call side and 8.3 Lakh on the Put side. So, the activity is more on the CALL side, indicating Option Writers are having Bearish Bias going in Weekly Expiry.
  • The Option Table data indicates decent support at 36300 and reasonable resistance at 37000 followed by 37200.
  • For Positional Traders Stay long till we are holding Trend Change Level 36207 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 36883 will act as a Intraday Trend Change Level. 

Buy Above 36630 Tgt 36742, 36885 and 37001 (Bank Nifty Spot Levels)

Sell Below 36555 Tgt 36444, 36302 and 36175 (Bank Nifty Spot Levels)

Upper End of Expiry : 36885

Lower End of Expiry : 36302

Leave a Reply