Weekly F&O Expiry:Bank Nifty Analysis

As Discussed in Last Analysis Bears were able to do 2 target on downside and closed just tad above 34648 we saw bearish move in intraday but again saw buying from lower levels. Now Bulls need to move above 36559 for a move towards 36729/36916. Bears will get active below 36399 for a move back to 36113/35923. Low made was 36394 so bears unable to sustain below 36399 and bulls were able to do 1 target on upside. Now Bulls need to break 36864 for a move towards 36968/37064/37160. Bulls need a close above 37007 for a move towards life time high. Bears will have chance below 36720 for a move towards 36624/36489/36225. We have holiday on 10 Sep and on that day we have multiple Ingrees Helio Mercury moving in Capricon and Venus moving in Scorpio suggesting Friday can be crucial for Global Markets so carry overnight position cautiously Watch for 2:34 Reversal time to carry positions.

Intraday time for reversal can be at 9:18/10:05/11:14/1:11/2:08/2:34 How to Find and Trade Intraday Reversal Times

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 0.29 Lakh, with increase in Cost of Carry suggesting SHORT positions were closed 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. BNF made low of 36502 today and bounced back.

There is total OI of 1.95 Cr on the Call side and 1.88 Cr on the Put side. So, the activity is almost equal on CALL and PUT side, indicating Option Writers are having Neutal 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 36498 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 36788 will act as a Intraday Trend Change Level.

Buy Above 36864 Tgt 36968, 37064 and 37160 (Bank Nifty Spot Levels)