Bank Nifty Levels & Strategy for 29/Sep/2022
Updated
Dear traders, I have identified chart levels based on my analysis, major support & resistance levels. Please note that I am not a SEBI registered member. Information shared by me here for educational purpose only. Please don’t trust me or anyone for trading/investment purpose as it may lead to financial losses. Focus on learning, how to fish, trust on your own trading skills and please do consult your financial advisor before trading.
BANK NIFTY
Bank Nifty closed in red and below 50 DMA but still trading above 100 & 200 DMA levels. Bank Nifty is highly oversold and looking weak ahead of RBI policy/rate hike on 30/Sep/2022. RBI rate hike upto 0.5% and majority of the global factors is already priced in. Today, US market is trading in green. Let us expect a good recovery in next few days from 2 year's low levels. Traders should wait for a pullback and short/take bearish positions at higher levels with strict SL only otherwise they may easily get stuck into beartrap.
BANK NIFTY SCORECARD DATED 28/SEP/2022
BANK NIFTY IS DOWN BY -599 POINTS
Name Price Previous Day Change % Change
Bank Nifty 37760 38359 -599.30 -1.56%
India VIX 22.10 21.57 0.53 2.45%
OPTION STATISTICS BASED ON 29/SEP/2022 EXPIRY DATA
Max OI (Calls) 40000 (Open Interest: 3678900)
Max OI (Puts) 36000 (Open Interest: 2111375)
PCR 0.51 (PCR is in highly oversold zone)
Bank Nifty Calls:
ATM: Short Buildup, OTM:Short Buildup, ITM:Short Buildup, FAR OTM:Short Buildup
Bank Nifty Puts:
ATM: Long Buildup, OTM:Short covering, ITM:Short covering, FAR OTM:Long Buildup
Shall we continue to look for sell on rise opportunities ????? Yes, I think so. What do you think?
1. Only at higher level after decent pull back from lower levels
2. near major resistance levels
3. near high OI in CE strikes with strict stoploss?
Shall we look for buy on dips opportunity ????? Yes, I think so. What are your views?
1. near major support levels
2. near high OI in PE strikes with strict SL?
However, it’s quite important to check & review following prior to finalize your strategy/work plan for next trading session. Market is very dynamic and overnight situation may get change.
1. Global cues based on EOD data
2. FIIs/DIIs/Big player cash & F&O data analysis
Please do share your comments. Let us work & win together. Have a very happy, healthy & profitable day ahead!
BANK NIFTY
Bank Nifty closed in red and below 50 DMA but still trading above 100 & 200 DMA levels. Bank Nifty is highly oversold and looking weak ahead of RBI policy/rate hike on 30/Sep/2022. RBI rate hike upto 0.5% and majority of the global factors is already priced in. Today, US market is trading in green. Let us expect a good recovery in next few days from 2 year's low levels. Traders should wait for a pullback and short/take bearish positions at higher levels with strict SL only otherwise they may easily get stuck into beartrap.
BANK NIFTY SCORECARD DATED 28/SEP/2022
BANK NIFTY IS DOWN BY -599 POINTS
Name Price Previous Day Change % Change
Bank Nifty 37760 38359 -599.30 -1.56%
India VIX 22.10 21.57 0.53 2.45%
OPTION STATISTICS BASED ON 29/SEP/2022 EXPIRY DATA
Max OI (Calls) 40000 (Open Interest: 3678900)
Max OI (Puts) 36000 (Open Interest: 2111375)
PCR 0.51 (PCR is in highly oversold zone)
Bank Nifty Calls:
ATM: Short Buildup, OTM:Short Buildup, ITM:Short Buildup, FAR OTM:Short Buildup
Bank Nifty Puts:
ATM: Long Buildup, OTM:Short covering, ITM:Short covering, FAR OTM:Long Buildup
Shall we continue to look for sell on rise opportunities ????? Yes, I think so. What do you think?
1. Only at higher level after decent pull back from lower levels
2. near major resistance levels
3. near high OI in CE strikes with strict stoploss?
Shall we look for buy on dips opportunity ????? Yes, I think so. What are your views?
1. near major support levels
2. near high OI in PE strikes with strict SL?
However, it’s quite important to check & review following prior to finalize your strategy/work plan for next trading session. Market is very dynamic and overnight situation may get change.
1. Global cues based on EOD data
2. FIIs/DIIs/Big player cash & F&O data analysis
Please do share your comments. Let us work & win together. Have a very happy, healthy & profitable day ahead!
Note
FIIs & DIIs, Cash & F&O Buy/Sell Data Analysis Dated 28/Sep/2022FIIs: Bearish in cash & Bullish in F&O
FIIs have sold in cash for -2772 Crores and bought in derivatives market for 8759 Crores.
FIIs have added bullish positions in index futures (1127), index call (61035) and stock put. FIIs added bearish positions in index put (47070). FIIs did profit booking & reduced positions in long as well as short contracts of stock futures and stock call options.
DIIs: Bullish
DIIs bought in cash market for 2544 Crores. DIIs did profit booking and reduced positions in long as well as short contracts of index futures, index put and stock call options. DIIs have added mild bearish position in stock futures (-41). stock options.
Pro Traders: Mild Bullish
Pro traders have taken bullish positions in index futures (2844), stock futures (2825), index put (-30685) and stock call (49143) option contracts. Added bearish positions in index call (-46429) and stock put (6755) option contracts.
Retail Traders: Mild Bearish
Retail traders have significantly reduced long as well as short positions in index futures, stock future, stock call and stock put option contracts. They have added bullish positions in index put (-10701) & bearish positions in index call (-14606) option contracts.
Please do review, analyse and share your comments as well. Many thanks for following me on twitter, liking my analysis & retweet. Let us work and win together. Wish you a very happy, healthy & profitable trading day ahead!
Disclaimer: I have analysed the data based on my limited knowledge. I am not a SEBI registered member. Information shared here for educational purpose. Please don’t trust me for trading as it may lead to financial losses. Please consult your financial advisor before trading.
Disclaimer
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