Bank Nifty Levels & Strategy for 25/Oct/2022Dear 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
Today global cues & India's internal cues were balanced. Bank Nifty really performed well and closed 684 points up in nice green. Big players have also taken bullish positions. We have also seen decent profit booking at higher levels. Overall, it looks like, we are all set to enjoy a happy Diwali. Once again bulls as well bears were rewarded who waited patiently for the right trading setup. Today, I have also shared a sample Nifty short trade setup for retail traders reference.
Shall we continue to buy on dips & sell on rise with strict SL? Yes, I think so. Please share your thoughts. There is no need for traders to work with fixed mindset. Keep the things simple and trade one day at at time. We have Diwali holiday on Monday & Wednesday so only two more trading days left before October month expiry. Today, US markets are trading in green. We need to digest tdoay & Monday's data for Tuesday's trades. RIGHT NOW, OVERALL BIAS IS POSITIVE. LET US KEEP AN EYE ON GLOBAL CUES & DECIDE ON NEXT ACTIONS ON TUESDAY MORNING.
BANK NIFTY SCORECARD DATED 21/OCT/2022
BANK NIFTY IS UP BY 685 POINTS
Name Price Previous Day Change % Change
Bank Nifty 40784 40100 684.50 1.71%
India VIX 17.28 17.23 0.05 0.28%
OPTION STATISTICS BASED ON 27/OCT/2022 EXPIRY DATA
Max OI (Calls) 41000 (Open Interest: 2246725, CE LTP: 258)
Max OI (Puts) 40000 (Open Interest: 2269975, PE LTP: 95.45)
PCR 1.19 (PCR is in buying Zone)
Bank Nifty Calls:
ATM: Long Buildup, OTM:Long Buildup, ITM:Short covering, FAR OTM:Long Buildup
Bank Nifty Puts:
ATM: Short Buildup, OTM:Short Buildup, ITM:Short Buildup, FAR OTM:Short Buildup
