As Discussed in Last AnalysisBulls again got whipsawed above 37050 more whipsaw stronger the move will come. Discipline to stick to your stratergy will be rewarded handomsely by market. As Fed event is out now we should see trending move. Plan remains the same for Swing Traders Bulls need to move above 37050 for a move towards 37310/37501/37692. Bears will get active below 36805 for a move towards 36611/36417/36224. Bank Nifty opened with gap up and once below 36805 did 2 target on downside and we have formed an Outside bar pattern also. Now Bulls need to move above 36777 for a move towards 36958/37148/37339. Bears below 36377 for a move towards 36195/36002
Bank Nifty Nov Future Open Interest Volume is at 23.2 lakh with addition of 6.6 Lakh contract , with increase in Cost of Carry suggesting LONG positions were added today.
MAX Pain is at 36700 and PCR is in Bullish zone of 0.74.
The Option Table data indicates decent support at 36300 and reasonable resistance at 37000.There is total OI of 1.22 Cores on the Call side and 0.66 Cores on the Put side, So, the activity is more on the CALL side, indicating option writers are in BEARISH zone.
In the markets Buyers make money, Sellers make money–it’s the pigs who get slaughtered ! Definition of a Pig : Greedy short term player, looking for small profits with big risk and no knowledge of the markets. Same is happening in last few days.
Today we were unable to close below the low of 14-Dec (Venus Square Jupiter HELIO) which was 36545 Generally when we break low but close above it leads to big move on other side. Lets see if this happens this time.
For Positional Traders Trend Change Level is 36775 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 36868 will act as a Intraday Trend Change Level.