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Bank Nifty Levels & Strategy for 07/Oct/2022 for NSE:BANKNIFTY by manishmgupta

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

Bank Nifty continued with it’s excellent performance but profit booking brought Bank Nifty back to gap-up opening level. Initially bulls got good chance to earn, later option writers took over and finally profit booking gave chance to bears as well. We need to trade cautiously at higher levels as US dollar index started heating up again. Traders are able to make money who really have good technical knowledge even after taking couple of stop losses. PLEASE REVIEW MY LAST ONE MONTHS CHARTS THEN YOU WILL REALISE THAT BANK NIFTY AS WELL AS NIFTY IS RESPECTING LEVELS REALLY WELL. LEARNING: WORK LEVEL BY LEVEL WITH STRICT SL (STOPLOSS) AND MAXIMISE PROFIT USING TRAILING SL.

BANK NIFTY SCORECARD DATED 06/OCT/2022

BANK NIFTY IS UP BY 173 POINTS

Name Price Previous Day Change % Change

Bank Nifty 39283 39110 172.80 0.44%

India VIX 19.32 19.57 -0.25 -1.30%

OPTION STATISTICS BASED ON 13/OCT/2022 EXPIRY DATA

Max OI (Calls) 40000 (Open Interest: 1448900, CE LTP: 207)

Max OI (Puts) 38500 (Open Interest: 1195050, PE LTP: 180.45)

PCR 0.87 ( PCR is in bearish zone)

Bank Nifty Calls:

ATM: Short Buildup, OTM:Short Buildup, ITM:Short covering, FAR OTM:Short Buildup

Bank Nifty Puts:

ATM: Short Buildup, OTM:Short Buildup, ITM:Short Buildup, FAR OTM:Short Buildup

Shall we continue to look for buy on dips opportunity at support levels & sell on rise near resistance levels with strict SL?????

Yes, I think so in case we get quality trading setup in either direction. What do you think?

Please do share your comments. Let us work & win together. Have a very happy, healthy & profitable day ahead!

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