Bank Nifty Analysis for 04 Nov

By | November 3, 2022 9:02 pm

On 05 Nov Venus Opposition Uranus its Key Dates Imp for Global Market and SUN Opposition North Node suggesting volatlity will continue and best to do intraday trade till 08 Nov when SUn goes in Conjuction with Mercury. Today also with gap down we saw a swift recovery. For Swing Trade Bulls need to move above 41425 for a move towards 41627/41829. Bears will get active below 41223/41021/40819.

39613 is Gann 50% level which gann has give lot of importance. Break of 39613 we will see a fast rise towards 40170.Done , Above 40170 heading towards 40726

Intraday time for reversal can be at 9:32/10:02/11:35/12:47/1:29/2:22   How to Find and Trade Intraday Reversal Times

Bank Nifty Nov Future Open Interest Volume is at 20.3 lakh with addition of 1.8 Lakh contract , with increase in Cost of Carry suggesting Long positions were closed today.

Bank Nifty Rollover cost @ 41285 and Rollover is at 76.5 % Closed above it

Bank Nifty as per musical octave trading path can be  40518-41724-42929  take the side and ride the move !!

Maximum Call open interest of 18 lakh contracts was seen at 41500 strike, which will act as a crucial resistance level and Maximum PUT open interest of 22 lakh contracts was seen at 40500 strike, which will act as a crucial Support level.

MAX Pain is at 41500 and PCR @0.85 . PCR below 0.95 and above 1.3 lead to trending moves, and in between leads to range bound markets.

Studies show that traders avoid risk when winning and seek risk when losing. This is the exact opposite of what needs to done to sustain in the markets. We must reprogram ourselves and create habits that are unnatural until they become our second nature.

For Positional Traders Trend Change Level is 41439 on Futures 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 41417 will act as a Intraday Trend Change Level.

Intraday Trading Levels

Buy Above 41323 Tgt 41444, 41555 and 41666 (Bank Nifty Spot Levels)

Sell Below 41144 Tgt 41000, 40864 and 40729 (Bank Nifty Spot Levels)

As always I wish you maximum health and trading success

Leave a Reply