As discussed in Last Analysis 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. Another gap up day. FII’s are moving the index down only via gap up. In the entire day, the index is not giving much of movement. 30709 done now waiting for 40109 till we are holding today low 39555. Break of todays high and low will easily give 800-1000 move in Bank nifty. Bulls need a close above 39760 for a move towards 39898/40109/40276. Bears will get active below 39555 for a move towards 39355/39142/39000.
- Intraday time for reversal can be at 10:03/11:54/12:57/1:31/2:08/2:46 How to Find and Trade Intraday Reversal Times
- Bank Nifty Oct Future Open Interest Volume is at 16.4 lakh with liquidation of 0.04 Lakh contract , with increase in Cost of Carry suggesting LONG positions were closed today.
- Talking about supports and resistance based on OI at this stage is not quite relevant because, with the kind of MELTUP going on, no strike is safe.
- MAX Pain is at 39600 PCR at 0.89, 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 38044 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 37793 will act as a Intraday Trend Change Level.