Nifty Bank Technical Analysis and Insights

As Discussed in Last Analysis Bank Nifty has formed an Inside Bar today and tommrow we have Shemitah cycle combined with Mars Yod Jupiter aspect suggesting we should get big move in next 2 trading sessions. Bulls need to move above 36864 for a move towards 37044/37236/34700. Bears will get active below 36468 for a move towards 36369/36185/36000/35816. Bears were able to do 2 target on downside and closed just tad above 34648 we saw bearish move in intraday but again saw buying from lower levels. Now Bulls need to move above 36559 for a move towards 36729/36916. Bears will get active below 36399 for a move back to 36113/35923

Intraday time for reversal can be at 9:17/10:09/11:19/1:03/1:46/2:38 How to Find and Trade Intraday Reversal Times

Bank Nifty Rollover cost @35609 closed above it. 36019 gone aand we are up 1000 points up in a two trading sessions.
Bank Nifty Sep Future Open Interest Volume is at 17.9 lakh with liquidation of 2 Lakh, with decrease in Cost of Carry suggesting SHORT positions were closed today.

An important aspect to be remembered is on 02 Sep, Bank NIFTY Futures OI was 17.8 L contracts and today OI is 19.9 L contracts. An increase of 2L contracts – remember on most of the days in between, price opened up 37033-37037 range on upside and 36670-3690 on downside. I would consider them to be shorts in the system at higher prices. Any day we close below 36500 we would see a fast decline. 36500-36251 BNF happened quickly and FII used it to cover shorts as price close above 36500 again.

There is total OI of 2.64 Cr on the Call side and 1.61 Cr on the Put side. So, the activity is more on the CALL side, indicating Option Writers are having Bearish Bias.

The Option Table data indicates decent support at 36000 and reasonable resistance at 37000 followed by 37500.

For Positional Traders Stay long till we are holding Trend Change Level 36466 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 36559 will act as a Intraday Trend Change Level.

Buy Above 36533 Tgt 36628, 36729 and 36820 (Bank Nifty Spot Levels)