Weekly F&O Expiry Bank Nifty Analysis

  • As discussed in last analysis   3 IT major TCS,Infosys,Wipro will come with results tommrow total weightage of that is around 16% in Index. Bank NIfty will move opposite to what IT Index will move so be cautious in your position on bank nifty as we will see gap up or gap down, Neural shows we might see a fall on 13 Jan, Till  Bulls are holding 38250-38300 range Bulls can see move towards 38522/38696/38800. Bears will get active below 37999 for a move back to 37754/37580. High made was 38851 so bulls were able to do all target on upside and formed a perfect doji on daily chart. Now Bulls need to move above 38809 for rally to continue towards 39000/39256. Bears will get active below 38599 for a move towards 34481/38357. 

  • Bank Nifty Jan Future Open Interest Volume is at 24.1 lakh with addition of 0.49 Lakh contract , with decrease in Cost of Carry suggesting  LONG positions were closed today.
  • MAX Pain is at 38500 and PCR @ 1.03. Rollover cost @35213 closed above it. 
  • The Option Table data indicates decent support at 38200 and reasonable resistance at 39000.There is total OI of 2.48 Cores on the Call side and 2.40 Cores on the Put side, So, the activity is more on the CALL side, indicating option writers are  in BEARISH zone.
  • Bank Nifty has been up for 9 trading session in a row and 9 is considered very important as part of Gann studies so its time to be cautious on long trade. Revesal will be confirmed when we close below previous day low else we might see time correction in range of 37924-39000. Doji formed still unable to close below previous day low. 
  • 2 Important Bayers Rules are becoming active today and tommorow Bayer Rule 27: Big tops and big major bottoms are when Mercury’s speed in Geocentric longitude is 59 minutes or 1 degree 58 minutes and Bayer Rule 19: We have tops when Venus in geocentric position passes the conjunction with the Sun. SUN Conju Venus . 37924 on Upside and 37109 on downside break any side will lead to 1000 point move in Bank Nifty. Till 37924 not broken no point in going short, Its Buy on Dip market. Today also made low of 38031 and closes at days high. Almost 1000 points move done for 37924 Astro Level. 
  • For Positional Traders Trend Change Level is 37235 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 38855 will act as a Intraday Trend Change Level. 

Buy Above 38851 Tgt 38974, 39098 and 39200 (Bank Nifty Spot Levels)

Sell Below 38714 Tgt 38604, 38501 and 38350 (Bank Nifty Spot Levels)

Upper End of Expiry : 39200

Lower End of Expiry : 38501

As always I wish you maximum health and trading success

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