As discussed in last analysis Bank Nifty bulls were able to do 1 target on upside and bears were able to do 1 target on downside in last 30 min sell off we have seen. As we have last expiry of 2021 so bulls would like to move above 35150 for a move towards 35323/35500. Bears below 34900 can see fast fall towards 34777/34610. Both Bulls and Bears got whipsaw in sideways market today, Now Set up is ready for a big move in bank nifty in next 2 trading session. Bulls need to move above 35158 for a move back to 35343/35528/34713. Bears will get active below 34973 for a move back to 34788/34603/34418.
Bank Nifty Jan Future Open Interest Volume is at 22.8 lakh with addition of 6.8 Lakh contract , with increase in Cost of Carry suggesting LONG positions were added today.
MAX Pain is at 35000 and PCR @ 0.96. Rollover cost @35213
The Option Table data indicates decent support at 34800 and reasonable resistance at 35300.There is total OI of 1.7 Cores on the Call side and 2.2 Cores on the Put side, So, the activity is more on the PUT side, indicating option writers are in BULLISH zone.
December series had a maximum roll-overs of around 16.7 Lakh contracts in last 4 days of trading . The BNF was trading in the range between 34425-35548. Whenever, the price band is approached, expect some violent reactions.
We will have Weekly,Monthly,Quaterly,Yearly closing tommrow its a rare event , Bank Nifty is up by just 12.2 % for the whole year. Bulls would like to close in range of 35295-35527 for a good begining in New Year 2022
For Positional Traders Trend Change Level is 35176 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 3517 will act as a Intraday Trend Change Level.