Thursday, 2 December 2021

Bank Nifty prediction for tomorrow -3rd December

Is today Bank Nifty bullish or bearish?

BNF was bullish as discussed in banknifty trade plan analysis for  2nd Dec. Bank future comfortable closed above 144 ema. 

The chart is bullish in the hourly time frame but still bearish in the day and week. 

Banknifty spot daily chart 

How can we predict the Bank Nifty movement?

Tomorrow's trade plan can be formulated based on Future and option data change for the last 5 days,  various values of various parameters, and multi-timeframe analysis of the chart.

Option  parameters 

PCR.               91

VIX                18

IV                    21.4 

HV ( 10 days)  25.27

Max pain         36500

Historical volatility for 10 days is higher than IV, so option writing should be avoided or minimized. 

Monthly Open interest 

  • Put option   170037
  • Call option  185051

Source: valuestock

The data shows the market is in a total bullish phase.

Multitime frame banknidty chart tradingview

Multi-time time frame CCI chart shows nifty bank future is in the super bullish zone. Usually, this break out of CCI 34 in 30 minutes above 100 is a solid bullish trend, continuing for 1 or 2 days. 
CCI multi-timeframe indicator works as a leading indicator as it shows early signs of trend change unless other moving averages and technical parameters.

Experts views on Bank Nifty

Moneycontrol portal suggests banknifty is in a robust bearish zone. 

It is bearish based on standard parameters like :

RSI, Stochastic, CCI, ADX 

Common moving average crossovers  indicates weakness

Price is trading below 12,21,34,55, and 89 ema, so all these moving averages will act as dynamic resistances for banknifty 

Bank Nifty prediction astrology

Banknifty might see a bullish move under Visaka star. 

Impact of COVID 3rd wave

Omicron detected in India, Ths will harm the market.

Bank Nifty prediction for tomorrow

I will continue with a bullish view until CCI 34 30 trades below -60. Below 36450 banknifty will be weak.

The strategy is to sell near resistance. 

Update on my monthly banknifty option strategy

Delta  -26

Theta  6000

Vega   -16500

I will add another long based on CCI values during trading hours. I avoid buying options as vix is high. 

Click the link to view the bank nifty investing home page for the most recent news and trading opportunity.

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