Tuesday, 30 November 2021

How I am planning to trade Banknifty on 1st Dec 2021

How did banknifty perform today?

Banknifty is very weak. It opened  35598, made high 36773, low 35532, and closed near 36000. Bank nifty daily candle shows rejection at a higher level. My system shows banknifty is in a firm bear grip in daily and hourly time frames.

Banknifty broke 200 DMA.

Future and Options data for Index and banknifty

  • FII reduced short, which is a good sign in a falling market
  • Client net long % 7.p1, FII -2.2%
  • PCR 0.82
  • IV  23.16
  • Historical volatility for 10 days 22.68
  • Historical volatility for 30 days  17.25
  • IV percentile 45.83

What is the daily and weekly chart reading?


The technical chart shows this market is "sell on rise" near the resistance zone and below VWAP in intraday.

Astroview for 1st December 

Tomorrow day lord is MARS, and the moon is at Chitra. Typically Banknifty future gives a significant trending move under this star.
I expect a bullish trending move, at least in the first half. 11 AM to 12 PM market might consolidate or go down. The market will be range-bound in the second half.

Key resistance and supports and trade level as per spot levels

Buy Above 35850 Tgt 35998, 36150 and 36323 

Sell Below 35512 Tgt 35420, 35323 and 35150 

Update on banknifty monthly position trade

Move 2 lots of 38500 CE short to 38000 dec CE

Will exit trade once VIX goes above 25 


 

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