Weekly F&O Expiry:BANK Nifty Analysis as Fed Tapers

As Discussed in Last Analysis It was a day of whipsaw today Venus Square Jupiter HELIO Aspect which is Important Key Date for Index. Break of today High and low can see a move of 551 points in Bank Nifty. 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. Bulls 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.

Intraday time for reversal can be at 9:22/10:40/11:16/12:16/1:36/2:53 How to Find and Trade Intraday Reversal Times

Bank Nifty Nov Future Open Interest Volume is at 22.6 lakh with addition of 0.24 Lakh contract , with increase in Cost of Carry suggesting LONG positions were added today.

MAX Pain is at 37000 and PCR is in Bullish zone of 0.98, No Fall in PCR and Max Pain even after today’s fall.

The Option Table data indicates decent support at 36800 and reasonable resistance at 37300.There is total OI of 2.78 Cores on the Call side and 1.82 Cores on the Put side, So, the activity is more on the CALL side, indicating option writers are in BEARISH zone.

In each of the last 5 days, we had a big range intra-day and at the end, the longer term picture did not change much. In effect, Institutions have been trading intra-day without effecting the longer term picture, Bank Nifty is stuck in range of 36805-37581 and it continue.

We are living in an insane world – Fed confirm Taper is ON that might stop the printing press and Hike Rates – And we might rally on Bad news. So, dont be surprised if markets appear irrational.

For Positional Traders Trend Change Level is 36769 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 37044 will act as a Intraday Trend Change Level.

Buy Above 36928 Tgt 37024, 37121 and 37232 (Bank Nifty Spot Levels)