As Discussed in Last AnalysisNorth 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. Closed just in neutral zone of 35191. Coming Weekend we have important aspect BankRuptcy Aspect happening also MErcury going Ingress so carry light positions overnight. For Swing Traders Bulls need to move above 35193 for a move towards 35309/35494/35666. Bears will get active below 34998 for a move back to 34807/34568/34400
Bank Nifty Nov Future Open Interest Volume is at 20.5 lakh with liquidation of 2.89 Lakh contract , with decrease in Cost of Carry suggesting SHORT positions were closed today.
MAX Pain is at 35500 and PCR @ 0.87
The Option Table data indicates decent support at 34800 and reasonable resistance at 35200.There is total OI of 1.43 Cores on the Call side and 1.10 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.
Bank Nifty may attempt gap filling above 35477 towards 35618 unable to do so will add pressure on downside.
For Positional Traders Trend Change Level is 35128 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 35315 will act as a Intraday Trend Change Level.