Bank Nifty Levels & Strategy for 13/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
Bank Nifty was oversold and traders got buy on dips opportunity from Yesterday's low to Yesterday's high. FIIs have flipped the their side from selling to buying and retail flipped from bullish to bearish. We need to trade patiently and wait for right trade setup then working level by level based on technical indicator is likely to remain profitable (e.g. buying near previous day's low and profit booking near previous day's high).
FIIs/Big players did exactly opposite to what retail traders did. Today, bears got trapped heavily. Retail traders should trade only in monthly options with strict SL else continue to donate your hard earned money to FIIs/Big players.
Shall we continue with sell on rise near resistance levels and buy on dips near major support levels if you get good trading setup ????? Yes, I think so. What do you think?????
BANK NIFTY SCORECARD DATED 12/OCT/2022
BANK NIFTY IS UP BY 406 POINTS
Name Price Previous Day Change % Change
Bank Nifty 39119 38712 406.10 1.05%
India VIX 20.18 20.49 -0.32 -1.54%
OPTION STATISTICS BASED ON 13/OCT/2022 EXPIRY DATA
Max OI (Calls) 40000 (Open Interest: 3024050, CE LTP: 6.8)
Max OI (Puts) 37500 (Open Interest: 2592775, PE LTP: 13.15)
PCR 1.01 (PCR is in sideways zone )
Bank Nifty Calls:
ATM: Short covering, OTM:Long Buildup, ITM:Short covering, FAR OTM:Long Liquidation
Bank Nifty Puts:
ATM: Short Buildup, OTM:Short Buildup, ITM:Short Buildup, FAR OTM:Short Buildup
Please do share your comments. Let us work & win together. Have a very happy, healthy & profitable day ahead!
