Bank Nifty Levels & Strategy for 27/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 are positive. Profit booking in Bank Nifty near lifetime high is quite obvious. Big players have significantly reduced their existing long as well as short positions. Today markets are really doing well. However, retail traders need to be cautious in Bank Nifty near lifetime high. Market is quite volatile and almost daily offering nice trading opportunities to Bulls as well as Bears. Traders who working patiently and waiting for right levels, good quality trade setup are getting regularly getting rewarded.
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 25/OCT/2022
BANK NIFTY IS DOWN BY -182 POINTS
Name Price Previous Day Change % Change
Bank Nifty 41123 41305 -182.15 -0.44%
India VIX 16.88 17.42 -0.54 -3.11%
OPTION STATISTICS BASED ON 27/OCT/2022 EXPIRY DATA
Max OI (Calls) 42000 (Open Interest: 2832775, CE LTP: 6.9)
Max OI (Puts) 40000 (Open Interest: 2365750, PE LTP: 12.5)
PCR 1.03 (PCR is in sideways to mild bullish zone)
Bank Nifty Calls:
ATM: Short Buildup, OTM:Short Buildup, ITM:Long Liquidation, FAR OTM:Short Buildup
Bank Nifty Puts:
ATM: Long Buildup, OTM:Short Buildup, ITM:Short covering, FAR OTM:Long Liquidation
