Monday, 10 January 2022

Banknifty future trading price

Banknifty enters in the bullish cycle. It is expected bank nifty will be volatile and bullish this week. We can expect trend change near or after the full moon.

Banknifty future closed comfortably above first resistance 37660 on the daily chart. There are apparent volume and price range expansions in the technical chart.

Today, banknifty closed on the upper range of the Bollinger band. Historically, the upper Bollinger band works as resistance for banknifty.

Experts views on bank nifty

option chain bank nifty

FII and PRO are strong buyers in the market based on open interest analysis of the option chain.

Max put writing observed at 38000 and call writing observed at 39000. Max pain is at 38000. Long build-up happened in the call side followed in the range of 39000 to 40000. 

VIX is 17.48

The non-availability of put writer at ATM will be a concern for a further bullish move.

bank nifty Aaj Kaisa Rahe Ga

Banknifty closed firmly, so there might be a gap up opening tomorrow. 

As per Bayer's rule, traders can expect a significant-top this week. Tomorrow we can see confusing movement in banknifty. Moon will move from Ketu star Aswini to Barani. It is advisable to avoid new trade from 10:54 to 12:45 PM.

Bank nifty share price support and resistance - weekly

  • Resistance:38000,38225,38500,38740,38999 
  • Support:37450,37133,36830,36666

Weekly expiry prediction  

Banknifty expiry will be 38000 as per today's option pain data.

Banknifty technical level for positional trade

Banknifty is positional long until it closes below VWAP in one hour. Two close below VWAP in the hourly chart will indicate a possible trend change.

Bank nifty scalping strategy during high volatile market

It is best to do intraday straddle using VWAP as a reference in the 15 min chart. The trade must be executed with a slight stop loss and a tiny target. 

Reference: Weekly Technical for 10-14 Jan

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