As discussed in LAST AnalysisNow for swing traders Bulls need to move above 36775 for a move towards 36962/37152/37342/37532. Bears will get active below 36393 for a move towards 36203/36013. Try to trade 30 mins after RBI Policy comes out do not stuck on any one side in volatile session. RBI turned out to be non event but we got the rally based on bayers date and today with gap up did all target on upside. Banknifty bulls need a close above 37371 for move to continue towards 37800/38241.. Bears will have chance below 37032 for a fall towards 36639/36246.
Bank Nifty 3 time touching its Plannetary Line marked in Blue and we have 2 important aspect involving Jupiter, Mars Square Jupiter and Moon Cojunct Jupiter suggesting break of 36775 can lead to massive short covering in Bank Nifty towards 36962/37152/37342/37532. Worked perfectly massive short covering.
Bank Nifty Nov Future Open Interest Volume is at 22.9 lakh with liquidation of 0.68 Lakh contract , with decrease in Cost of Carry suggesting LONG positions were closed today.
MAX Pain is at 37000 massive shift in max pain of 500 points, and PCR is in Bullish zone of 0.92
The Option Table data indicates decent support at 36800 and reasonable resistance at 37500
Bank Nifty has close above its 100 DMA today @ 36364 now close above 36450 will give a swing target of 37094. — All Target done.
For Positional Traders Trend Change Level is 36585 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 37284 will act as a Intraday Trend Change Level.