As discussed in Last Analysis 27-28 are always dates where we see big move in market. 28-10-2005 we made major bottom, 27-10-2008 Major Bottom, 29-10-2005 Major Bottom 31-10-2010/31-10-2011 again major High and low 30-10-2020 so this is simple gann technique to find major dates. Even Astro Date Prediction had 28 Oct as important date As Gann used to say History Repeat by itself. Now again we are near important gann number of 39304 now Bulls need to hold this to move towards 30719/39930/40140. As we have weekly monthly close tommrow so last 1 hour we are see NAV adjustment buying. Bears will get active below 39250 for a move towards 39100/38888. Bank Nifty did saw recovery in Intraday but it got sold into and we closed below 39304. Now Bears need to break 39015 for a fall towards 38800/38621/38426/38229. BUlls will have chance above 39304 for a move towards 39602/39798/39994.
- Intraday time for reversal can be at 9:23/10:11/11:19/1:18/2:54 How to Find and Trade Intraday Reversal Times
- Bank Nifty Nov Future Open Interest Volume is at 21.2 lakh with addition of 1 Lakh contract , with increase in Cost of Carry suggesting SHORT positions were added today. Rollover @ 41030 and Rollover is at 77%
- We are into relent less selling and 3403 points down on BNF in the week. Bank Nifty has corrected 3403 points from the top made on 25 Oct at 41829 and has seen 1 major downfall in last 9 months as the fall happened in just 5 trading sessions. Talking about supports and resistance based on OI at this stage is not quite relevant because, with the kind of mayhem going on, no strike is safe.
- MAX Pain is at 39500 PCR at 0.95
- The Option Table data indicates decent support at 38500 and reasonable resistance at 40000
- For Positional Traders Stay long till we are holding Trend Change Level 39774 on Futures 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 39338 will act as a Intraday Trend Change Level.