Bank Nifty Levels & Strategy for 28/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 were positive. Dollar index is coming down which is quite good for global markets. As expected once again bulls as well as bears got the opportunity with sufficient time to trade & book the profit. Specially retails traders enjoyed the profit due to up move. Big players are light and have started on a positive note for Nov series. FIIs are high bullish & added bullish positions in F&O contracts. Tomorrow, also we should continue to booking profit at higher levels and buy the strength in only monthly option (not in weekly options) therefore you get enough of opportunities to adjust your trades in coming weeks.
Shall we continue do profit booking near lifetime high? Yes, we should.
Shall we continue to buy on dips & sell on rise with strict SL? Yes, I think so. Please do share your thoughts.
BANK NIFTY SCORECARD DATED 27/OCT/2022
BANK NIFTY IS UP BY 177 POINTS
Name Price Previous Day Change % Change
Bank Nifty 41299 41123 176.55 0.43%
India VIX 16.60 16.88 -0.28 -1.67%
OPTION STATISTICS BASED ON 03/NOV/2022 EXPIRY DATA
Max OI (Calls) 41500 (Open Interest: 1019950, CE LTP: 400)
Max OI (Puts) 40000 (Open Interest: 1047475, PE LTP: 90.85)
PCR 0.96 (PCR is in sideways to mild bearish 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
