As Discussed in Last Analysis Almost 3 target also done as we moved above 37450 but intraday voaltality kicked in, price unable to breach the gann angle as shown in below chart we closed just below 37450. Now Bulls need to move above 37565 for a move towards 37809/38000. Bears will get active below 37249 for a move towards 37030/36870. Bears got whipsawed and we have formed a Perfect DOJI today and we again faced resistance at gann angle. Tommorow Jupiter Opposition Moon as Jupiter Rules of Bank Nifty so we should see big move in bank nifty. Bulls need to move above 37505 for a move towards 37696/37889/38081. Bears will get active below 37307 for a move back to 37113/36918/36723.
Bank Nifty Rollover cost @ 37468 and Rollover is at 83.3 % Highest in last 6 months. There has been 8L contract roll-over happened today. When you add 9.9 L contracts rolled over last 3 days, we have 18 L contracts have been rolled over between 37182-37465 price zone. Considering that we are having around 22 Lakh OI on an average for the series, this is approximately 70%. So, this price zone 37182-37465 will have a crucial bearing in December Series. Any close above and below this level can see 500-600 points move .
Bank Nifty Nov Future Open Interest Volume is at 22.9 lakh with addition of 8 Lakh contract , with increase in Cost of Carry suggesting LONG positions were added today.
MAX Pain is at 37500 and PCR is in the neutral zone of 0.87
The Option Table data indicates decent support at 37000 and reasonable resistance at 37500
For Positional Traders Trend Change Level is 37448 on Futures and go long and short above/below it That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 37448 will act as a Intraday Trend Change Level.