As Discussed in Last AnalysisBears got whipsawed and we have formed a Perfect DOJI today and we again faced resistance at gann angle. Tommorow Jupiter Opposition Moon as Jupiter Rules of Bank Nifty so we should see big move in bank nifty. Bulls need to move above 37505 for a move towards 37696/37889/38081. Bears will get active below 37307 for a move back to 37113/36918/36723. We opened with huge gap down as Jupiter Opposition Moon again crated Havoc in market due to B.1.1.529 (Nu) OmicronVariant and did all target on downside in the process we have closed below 100 DMA. If Next 2 days we close below 36239 than the logical target foe this downmove are 35704 where 200 DMA lies. Fresh short should be taken below 35704 for a move towards 35533/35344/35157. Bulls will get active above 36100 for a move towards 36291/36481. We have Mercury Square Jupiter HELIO Aspect forming on Monday it generally leads to top or bottom formation so watch out for first 15 mins its will guide you for next week move.
Bank Nifty Rollover cost @ 37468 and Rollover is at 83.3 % Highest in last 6 months. There has been 8L contract roll-over happened today. When you add 9.9 L contracts rolled over last 3 days, we have 18 L contracts have been rolled over between 37182-37465 price zone. Considering that we are having around 22 Lakh OI on an average for the series, this is approximately 70%. So, this price zone 37182-37465 will have a crucial bearing in December Series. Any close above and below this level can see 500-600 points move . Opened below 37182 and prices crashed.
Bank Nifty Nov Future Open Interest Volume is at 27.6 lakh with addition of 4.6 Lakh contract , with decrease in Cost of Carry suggesting SHORT positions were added today.
MAX Pain is at 36700 and PCR is in the neutral zone of 1.08
The option table is undergoing a real transformation – with each day one CE level is targeted with huge volumes of writing and the strike is giving way to much lower strikes.
For Positional Traders Trend Change Level is 37002 on Futures and go long and short above/below it That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 36516 will act as a Intraday Trend Change Level.