As discussed in Last Analysis Next week we have Jupiter Ingress so Bank Nifty outperformance will be seen. Infy and Wipro came with good set of numbers so it can put some pressure on bank nifty. Till Bulls are holding 38500 rally can be seen towards 38857/38976. Bears will have chance below 38362 for a move towards 38222/38100. Friday is trading holiday. All Bullish target done and price closed above an important gann number of 39304. Till Bulls are holding 39304 rally can continue towards 39709/40109. Bear will have chance below 39176 for a move towards 38979/38782. We have double ingress of Monday Mercury and Jupiter going Ingress suggesting another big move coming.
- Intraday time for reversal can be at 10:01/11:12/12:10/1:01/2:12 How to Find and Trade Intraday Reversal Times
- Bank Nifty Oct Future Open Interest Volume is at 16.4 lakh with liquidation of 0.16 Lakh contract , with increase in Cost of Carry suggesting LONG positions were added today.
- It was decent rally which caused maximum pain to maximum participants as most retail traders lose money by looking for a trending move in non-trending environments and staying out in trending environments. As soon as 39000 Crossed it was one way ride 39000 CE moved from 40-160 in 5 mins again painful expiry for CE Option Seller.
- MAX Pain is at 39100 PCR at 0.85, Price has closed above 38522 upper end of Rollover range Bullish sign, Big Rally once OI range broken.
- The Option Table data indicates decent support at 39000 and reasonable resistance at 40000.
- For Positional Traders Stay long till we are holding Trend Change Level 38067 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 39064 will act as a Intraday Trend Change Level.