As discussed in last analysis Now we are back to gann angle support and also completing 225 trading days from Jan 29 Bottom, So Price and time both are confluencing. Also we have Important astro event of Mercury Conjunct Jupiter HELIO so bank should outperform the Nifty. Bulls need to move above 35158-35193 can see move towards 35343/35528/35713. Bears below 34930 for a move back to 34811/34688/34555. Bank nifty opened with gap up and did 1 target with gap and also closed above important range of 35158-35193 now waiting for target of 35343/35528/35713. Bears below 35030 for a move back to 34876/34688/34555. Jupiter goes Ingress tommrow so should see firework in Bank Nifty.
Bank Nifty Nov Future Open Interest Volume is at 11.9 lakh with addition of 3.8 Lakh contract , with increase in Cost of Carry suggesting LONG positions were added today.
MAX Pain is at 35200 and PCR @ 1.02. Huge increase in Max Pain
The Option Table data indicates decent support at 35000 and reasonable resistance at 35500.There is total OI of 2.7 Cores on the Call side and 2.5 Cores on the Put side, So, the activity is more on the PUT side, indicating option writers are in BULLISH zone.
35193 should be watched very closely tommrow as this level give 1000+ point move.
Bank Nifty has been stuck in the range of 34300-35200 for almost 6 trading sessions and this range should get broken today or tommrow as Jupiter which is Ruling Plannet of Bank Nifty will create range expansion.
For Positional Traders Trend Change Level is 35020 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 35225 will act as a Intraday Trend Change Level.