As Discussed in Last Analysis Now Bulls need to move above 34756 for a move towards 34940/35125/35309. Bears will get active below 34571 for a move back to 34387/34202/34018. 2 Bullish target done in Bank nifty. Tommrow North Node is moving in Taurus, Rahu generally create voltality in the market so time to be cautious for next 2 trading sessions. Now Bulls need to move above 35193 for a move towards 35309/35494/35666. Bears will get active below 34898 for a move back to 34774/34518/34349.
Bank Nifty Nov Future Open Interest Volume is at 23.4 lakh with liquidation of 0.03 Lakh contract , with increase in Cost of Carry suggesting SHORT positions were closed today.
MAX Pain is at 35000 and PCR @ 1.01.
The Option Table data indicates decent support at 34800 and reasonable resistance at 35200.There is total OI of 2.72 Cores on the Call side and 2.32 Cores on the Put side, So, the activity is more on the CALL side, indicating option writers are in BEARISH zone.
35193 should be watched very closely tommrow as this level give 1000+ point move.
Last Expiry happened on 36548 and today was are down approximatley 1500 points so Big players are short from higher levels. Any close above 35193 can trigger a big short covering rally of 200-350 points and break of 34898 can lead to swift fall.
For Positional Traders Trend Change Level is 35082 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 34954 will act as a Intraday Trend Change Level.