Bank Nifty has formed outside bar today with lot of volatility during intraday trading with Saturn will come back to the normal state on 22nd February 2022,Saturn’s return to its normal position may enable a person to scale heights and thereby attain stability. So Markets can also come out of this volatile 2 ways move and can give trending move for Option Buyers to make money. For Swing Traders Long above 37735 for a move towards 37927/38120/38313. Bears will get active below 37542 for a move towards 37349/37156.
Intraday time for reversal can be at 9:53/10:46/11:51/1:24/2:01 How to Find and Trade Intraday Reversal Times
Bank Nifty Feb Future Open Interest Volume is at 15.4 lakh with liquidation of 1.65 Lakh contract , with decrease in Cost of Carry suggesting SHORT positions were closed today.
MAX Pain is at 37700 and PCR @0.94 Rollover cost @37516 closed above it.
In each of the last 4 days, we had a big range intra-day and at the end, the longer term picture did not change much. In effect, Institutions have been trading intra-day without effecting the longer term picture. The most obvious is the most deceiving in stock markets. Be cautious.
F&O Traders last 4 days have been draining and hectic day and need to be mentally strong to book loss and take new position and make profit out of it. Trading is taxing do lot of physical excercise to get rid of frustration of trading day.
The Option Table data indicates decent support at 37000 and reasonable resistance at 38000.There is total OI of 2.30 Cores on the Call side and 2.32 Cores on the Put side, So, the activity is more on the PUT side, indicating option writers are in BULLISH zone.
For Positional Traders Trend Change Level is 38245 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 37674 will act as a Intraday Trend Change Level.
Buy Above 37735 Tgt 37831, 37927 and 38054 (Bank Nifty Spot Levels)