Weekly F&O Expiry:BANK Nifty Analysis

By | October 20, 2021 7:28 pm

As discussed in Last Analysis  It was a day of whipsaw but bulls were able to hold both gann angle support and 39300 levels suggesting we can see a sharp bounce back. For Swing Traders Bulls need to move above 39729 for a rally towards 39903/40265. Bears will get active below 39286 for a move back to 39031/38824. Bank Nifty traded in no trade zone today unable to break higher and lower end of range and forming DOJI setting up trade set for big move in next 2 trading sessions. Also held on to important gann level of 39304. For Swing Traders Bulls need to move above 39690 for a rally towards 39789/39889/39989/40089 Bears will get active below 39376 for a move back to 39277/39178/39079/38980.

  • Bank Nifty Oct Future Open Interest Volume is at 15.6  lakh with liquidation of 1.5 Lakh contract , with increase in Cost of Carry suggesting  LONG positions were closed today.
  • Nifty was down 115 points but bank nifty down just 30 points again shows power of Jupiter plannet as it will always make sure Bank Nifty outperform Nifty during the time its Direct.
  • MAX Pain is at 39500 PCR at 1.01, PCR below 0.9 and above 1.3 lead to trending moves, and in between leads to range bound markets. So, after all the mayhem, we are probably returning to sanity is what is indicated by the rising PCR.
  • The Option Table data indicates decent support at 39500 and reasonable resistance at 39800.
  • For Positional Traders Stay long till we are holding Trend Change Level 39396  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 39630 will act as a Intraday Trend Change Level. 

Buy Above 39600 Tgt 39702, 39903 and 40040 (Bank Nifty Spot Levels)

Sell Below 39400 Tgt 39292, 39142 and 39046 (Bank Nifty Spot Levels)

Upper End of Expiry : 39896

Lower End of Expiry : 39139

As always I wish you maximum health and trading success

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