Bank Nifty Levels & Strategy for 26/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
Today, Bank Nifty has corrected 1000 plus points which is a significant cut in a day and closed near major support level. It will be interesting to see whether Bank Nifty will hold this major support level or this support level will become major resistance level in case of gap-down on Monday. Please make a note that Bank Nifty is oversold therefore work carefully to avoid getting into beartrap.
BANK NIFTY SCORECARD DATED 23/SEP/2022
BANK NIFTY IS DOWN BY -1084 POINTS
Name Price Previous Day Change % Change
Bank Nifty 39546 40631 -1084.35 -2.67%
India VIX 20.59 18.82 1.78 9.45%
OPTION STATISTICS BASED ON 29/SEP/2022 EXPIRY DATA
Max OI (Calls) 41000 (Open Interest: 3487450)
Max OI (Puts) 38000 (Open Interest: 1864075)
PCR 0.54 (PCR is in 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:Long Buildup, ITM:Short covering, FAR OTM:Long Buildup
Shall we continue to look for sell on rise opportunities/profit booking ????? 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
Today, Bank Nifty has corrected 1000 plus points which is a significant cut in a day and closed near major support level. It will be interesting to see whether Bank Nifty will hold this major support level or this support level will become major resistance level in case of gap-down on Monday. Please make a note that Bank Nifty is oversold therefore work carefully to avoid getting into beartrap.
BANK NIFTY SCORECARD DATED 23/SEP/2022
BANK NIFTY IS DOWN BY -1084 POINTS
Name Price Previous Day Change % Change
Bank Nifty 39546 40631 -1084.35 -2.67%
India VIX 20.59 18.82 1.78 9.45%
OPTION STATISTICS BASED ON 29/SEP/2022 EXPIRY DATA
Max OI (Calls) 41000 (Open Interest: 3487450)
Max OI (Puts) 38000 (Open Interest: 1864075)
PCR 0.54 (PCR is in 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:Long Buildup, ITM:Short covering, FAR OTM:Long Buildup
Shall we continue to look for sell on rise opportunities/profit booking ????? 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 23/Sep/2022FIIs: Highly Bearish
FIIs have sold in cash for -2900 Crores and bought in derivatives market for 1956 Crores. FIIs selling figers are growing as US Dollar Index is going up. Will RBI rescue Indian Rupee by doing rate hike towards end of Sep & selling excess US Dollars ?????
FIIs have added bearish positions in index futures (-36318), stock futures (-39236), index put (54605) and stock put. They took bullish/hedged positions using index call and did profit booking in stock call options. They are selling heavily as if Indian market is going to crash.
DIIs: Highly Bullish
DIIs bought in cash market for 299 Crores. DIIs have added bullish positions in index futures (12581) and stock futures (7256) contracts. They took negligible bearish positions in put contracts and did little bit of profit booking in stock call options.
Pro Traders: Mild Bearish
Pro traders have taken bullish positions in index futures (6248) and stock futures (20672). They did heavy shorting in index calls (-176565) & stock calls (-39900). Also added bearish positions in index put (77435) and stock put (27822) options.
Retail Traders: Highly Bullish
Retail traders have heavily added bullish positions in index futures (17489) & stock futures (11308). Retail traders have also added bullish positions in index call (157942), index put (-132080), stock call (10908) and stock put (-3757) options.
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.
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