As Discussed in Last Analysis As we have expiry tommrow and Neptune being an Outer Plannet has turned Direct today so once we are above 36450 we can see rally towards 36610/36774/36900. Bears will have chance below 36285 for a move back to 36125/35964. As we have seen a close above 36450 waiting for the target of 36610/36774/36900. Neptune is Outer plannet will have impact of trend change also we have closed above the gann 1×1 line. Fear of Omicron variant spreading will it impact market, as per my understanding of seeing diffrent market cycle “Market do not crash for same reason twice” and “Market always follow path of least resistance” let see what market do this time. Bears will have chance below 36360 for a move towards 36262/36016.
VIX saw a fall today and we saw less voaltile range in bank nifty also options buying of FII was seen so we should see trending move in next 2 trading sessions.
Bank Nifty Nov Future Open Interest Volume is at 23.7 lakh with liquidation of 1 Lakh contract , with increase in Cost of Carry suggesting SHORT positions were closed today.
MAX Pain is at 36500 and PCR is in the neutral zone of 0.84
The Option Table data indicates decent support at 36300 and reasonable resistance at 36800.
Bank Nifty has close above its 100 DMA today @ 36364 now close above 36450 will give a swing target of 37094. — Waiting for 37094 till we are closing above 36450.
For Positional Traders Trend Change Level is 36535 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 36490 will act as a Intraday Trend Change Level.