Weekly F&O Expiry:BANK Nifty Analysis

By | November 3, 2021 8:37 am

As discussed in Last Analysis  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 did 40000 on upside and now waiting for higher target of 40167/40395. Bears will have chance below 39729 for a move back to 39555/39304. We have Fed Meeting today and impact will be seen tommrow during Muhurat Trading. Any Taper less than 15 Billion USD will be bullish for market and start FII flows back to India.

  • Bank Nifty Nov Future Open Interest Volume is at 20.5 lakh with liquidation of 1 Lakh contract , with increase in Cost of Carry suggesting  LONG positions were closed 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 39900 PCR at 0.96
  • The Option Table data indicates decent support at 39500 and reasonable resistance at 40200
  • For Positional Traders Stay long till we are holding Trend Change Level 39817 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 40037 will act as a Intraday Trend Change Level. 

Buy Above 40000 Tgt 40150, 40294 and 40400 (Bank Nifty Spot Levels)

Sell Below 39846 Tgt 39700, 39555 and 39362 (Bank Nifty Spot Levels)

Upper End of Expiry : 40294

Lower End of Expiry : 39581

As always I wish you maximum health and trading success

Category: Bank NIfty Weekly Expiry

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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