Bank Nifty bounce on Expected line above 39304

By | November 1, 2021 9:56 pm

As discussed in Last Analysis  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. Low made was 39120 so Bears were unable to break 39015 and bulls once above 39304 very important gann number did 2 target on upside and now waiting for higher target of 40000/40125/40553. Bears will have chance below 39490 for a move towards 39300/39150/39000.

  • Bank Nifty Nov Future Open Interest Volume is at 21.5  lakh with addition of 0.30 Lakh contract , with increase in Cost of Carry suggesting  LONG positions were added today. Rollover @ 41030 and Rollover  is at 77%
  • From 25h October to 28th October, The November Series BNF has added approximately 16.1 Lakh contracts. And in that time span, Bank Nifty has traded with a low of 39550 and high of 41935. It is interesting to note that BNF made low of 39254 today and once above 39550 BNF gave 713 point rally. It looks the repelling effect of the highest volume zone.In my view, the longs should feel comfortable as long as we are trading above 39550.
  • MAX Pain is at 39700 PCR at 0.86
  • The Option Table data indicates decent support at 39200 and reasonable resistance at 40500
  • For Positional Traders Stay long till we are holding Trend Change Level 39683 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 39743 will act as a Intraday Trend Change Level. 

Buy Above 39900 Tgt 40044, 40200 and 40324 (Bank Nifty Spot Levels)

Sell Below 39673 Tgt 39582, 39491 and 39302 (Bank Nifty Spot Levels)

As always I wish you maximum health and trading success

Category: Daily

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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