Bank Nifty Analysis as Saturn Turns Direct

By | October 11, 2021 8:46 pm

As discussed in Last Analysis  Now Bulls need to move above 37785 for a move towards 37901/38049/38175. Bears will get active below 37610 for a move towards 37627/37502/37354. All Bullish target done as low made was 37744 and we got good move after RBI Policy as Saturn and Bayers dates showed impact. Now Todays High and Low are important for next move of 1000-1500 points in Bank Nifty. Saturn is an outer plannet and it impacts long term cycle on market as discussed in below video. Bulls need to close above 38377 for a move towards 38496/38610/38729. Bears will have chance below 38230 for a move back to 38120/38001/37860.

  • Bank Nifty Oct Future Open Interest Volume is at 15.3 lakh with liqudiation of 2.18 Lakh contract , with decrease in Cost of Carry suggesting  LONG positions were closed today.
  • For Swing Traders Once Bank Nifty closed above 38377 we can see move towards 38855/39304 as per gann cycle. 
  • MAX Pain is at 38200 PCR at 0.8, Rollover Price is at 37993 closed above it and OI Breakout zone 37850 closed above it. Once it closed above 37500 it did 38522 upper end of Rollover range. 
  • The Option Table data indicates decent support at 38000 and reasonable resistance at 38800 .
  • For Positional Traders Stay long till we are holding Trend Change Level 37813 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 38317 will act as a Intraday Trend Change Level. 

Buy Above 38377 Tgt 38496, 38610 and 38729 (Bank Nifty Spot Levels)

Sell Below 38230 Tgt 38120, 38001 and 37860 (Bank Nifty Spot Levels)

Leave a Reply