As discussed in last analysis Bears were able to do 1 target on downside and closed below 38599 so waiting for 38357 which should be done with gap down open. Fresh short can be taken below 38323 for a move towards 38179/37983. Bulls will have chance only above 38555 for a move towards 38666/38862/39007. Mercury Retrograde impact explained in below video. All Bearish target done we saw gap down and recovery as Mercury went retrograde. Bank Nifty should see trending move in next 2 trading session based on Mercury Retrograde. Bulls need to move above 38450 for a move towards 38592/38787/38982. Bears will have chance below 38260 for a move towards 38067/37865/37668.
Bank Nifty Jan Future Open Interest Volume is at 22 lakh with liquidation of 0.001 Lakh contract , with decrease in Cost of Carry suggesting LONG positions were closed today.
MAX Pain is at 38300 and PCR @0.99. Rollover cost @35213 closed above it.
The Option Table data indicates decent support at 38000 and reasonable resistance at 39000.There is total OI of 1.67 Cores on the Call side and 1.40 Cores on the Put side, So, the activity is more on the CALL side, indicating option writers are in BEARISH zone.
Bank Nifty has been up for 9 trading session in a row and 9 is considered very important as part of Gann studies so its time to be cautious on long trade. Revesal will be confirmed when we close below previous day low else we might see time correction in range of 37924-39000. Doji formed still unable to close below previous day low. — Finally Price has closed below Previous day Low suggesting short term top formation and fall can be seen towards 38025/37636 — Low made 38007 before a bounce back Till Bank Nifty is below 38400 Bears have upperhand can push towards 38067/37677.
We have Mercury Retrograde today and it has big impact on Financial Market as Mercury is fast moving plannet so lead to big rise or fall in Market. Please read the following Post to understand previous Impact of Mercury Retrograde on Bank Nifty. Mercury Square Jupiter HELIO so aspect of MErcury with JUpiter will also add fuel to fire.
For Positional Traders Trend Change Level is 37442 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 38323 will act as a Intraday Trend Change Level.