Thursday, 11 November 2021

Banknifty trade plan for 12th Nov 2021

How did Banknifty perform today?

Banknifty made a low 38444. It broke  29/10 low 38610 but closed near 38680. Banknifty is fully in bear grip. The same was expected as per yesterday's banknifty trade plan

Open interest and option data 

  • Short position build up in bank nifty future
  • Max pain 39000
  • PCR  .77 (Monthly)
  • Total open interest put side 167973
  • Total open interest call side 219901
  • 38000 is strong support
  • 39000 is strong resistance

Gann price time analysis for 12th November 2021

  25th Oct         high  41935              
  29th Oct         high  39890              low    38606         
  8th Nov         high  39750               low    39051        
 11th Nov         high   39044              low 38444           

If the price breaks 38417, it may go till 38025 by 16th or 17th Nov'2021.

If today's low is maintained, the banknifty future can bounce back and 1st target will be 38800.  

Astrological view 

Today was moon star day. It is important to observe the breakout of today's high and low. I expect a gap up or gap down for tomorrow morning because we will have the Saturn and Mars combination till 10:40 AM.

Hourly price chart of Banknity


Price is trading below all critical moving averages in the one-hour time frame.
It is best to take bear spread or credit ratio call spread. I initiated a 1:3 ratio call spread near 38800 and will hold the same for next week.

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