Bank Nifty Dec Future Open Interest Volume is at 26.5 lakh with liquiation of 0.28 Lakh contract , with increase in Cost of Carry suggesting short positions were covered today.
Bank Nifty Rollover cost @42828 and Rollover % @81.3 Closed above it, Bank NIfty Future is in premium has reduced towards 205 points.
Till Bank Nifty is below 43131 on closing basis Bears will have upper hand.
Maximum Call open interest of 30 lakh contracts was seen at 43500 strike, which will act as a crucial resistance level and Maximum PUT open interest of 36 lakh contracts was seen at 43000 strike, which will act as a crucial Support level.
MAX Pain is at 43000 and PCR @0.88 . PCR below 0.95 and above 1.3 lead to trending moves, and in between leads to range bound markets.
One of the main reason why technical analysis works is that human nature and emotions remain the same irrespective of era one is in. People were greedy and fearful even a hundred years back as much as they are now.
For Positional Traders Trend Change Level is 43351 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 43347 will act as a Intraday Trend Change Level.