Weekly F&O Expiry:Bank Nifty Analysis

By | November 18, 2021 2:33 am
  • As Discussed in Last Analysis Low made today was 38211 which is gann angle support combined with time of 144 days so price and time have balanced ie. price time squaring which leads to price reveral, Holding 38200 we can see reversal above 38420 for a rally towards 38610/38820. Bears will get active below 38101 for a move towards 37900/37666. Bulls failed to show reversal and gann price time squaring did not work as expected but if we again go above 38220 bulls will be back, We also have formed a bullsih ABCD pattern as shown in below chart whose target is at 38683. Bulls need to move above 38220 for a move towards 38420/ 38683/38820. Bears will get active below 37980 for a move towards 37863/37685/37400.

  • Bank Nifty Nov Future Open Interest Volume is at 20.1 lakh with liquidation of 0.87 Lakh contract , with increase in Cost of Carry suggesting  SHORT positions were closed today. Rollover @ 41030.
  • MAX Pain is at 38200 and PCR is in the neutral zone of 0.92
  • The Option Table data indicates decent support at 38000 and reasonable resistance at 38500
  • For Positional Traders Stay short till we are below Trend Change Level 38653 on Futures and go long above it That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 38301 will act as a Intraday Trend Change Level. 

Buy Above 38101 Tgt 38212, 38338 and 38525 (Bank Nifty Spot Levels)

Sell Below 37920 Tgt 37729, 36610 and 36500 (Bank Nifty Spot Levels)

Upper End of Expiry : 38368

Lower End of Expiry : 37713

As always I wish you maximum health and trading success

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