Bank Nifty Levels & Strategy for 09/Dec/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 Bank Nifty hit & close at new lifetime high & now heading towards 44K level. FIIs were super bearish from last 2 days. Today, they switched the gear and became bullish in F&O after Gujarat election results. They are still net seller in cash segment in Dec. Two major events are over now RBI policy (specially commentary) & election results. Now, market will wait for US Fed policy in next week.
Buying momentum is very strong. Option data is indicating bullish move. Retail traders should look for buy on dips opportunity, book profit near lifetime highs & simply follow the trend till Bank Nifty continue to respect & hold the major support levels.
Please find below scorecard, PCR update & options statistics for your reference:
BANK NIFTY SCORECARD DATED 08/DEC/2022
BANK NIFTY IS UP BY 498 POINTS
Name Price Previous Day Change % Change
Bank Nifty 43597 43099 498.15 1.16%
India VIX 13.40 14.08 -0.68 -4.83%
OPTION STATISTICS BASED ON 15/DEC/2022 EXPIRY DATA
Max OI (Calls) 44000 (Open Interest: 1189925, CE LTP: 129.25)
Max OI (Puts) 43000 (Open Interest: 1443925, PE LTP: 82)
PCR 1.31 (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
