Bank Nifty Levels & Strategy for 24/Nov/2022

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 once again hit the new lifetime high. Profit booking strategy at highest level of all time worked really well. Big players have long positions (mainly PE writing) as well as short positions (mainly CE writing). They are ready on both the sides. Gap-up is likely to be sold & vice-versa. It looks like once again we are heading for another range bound expiry.

Option bias is once again positive with new calls addition (ATM -long & ITM-Short covering) & PE writing. We should continue with profit booking at higher level as well as lower level. Option writers are really doing exceptionally well. Option buyers need to be very careful and wait patiently for breakout or breakdown opportunity. Please find below scorecard, PCR update & options statistics for your reference:

BANK NIFTY SCORECARD DATED 23/NOV/2022
BANK NIFTY IS UP BY 272 POINTS
Name Price Previous Day Change % Change
Bank Nifty 42729 42457 272.05 0.64%
India VIX 14.04 13.84 0.20 1.44%

OPTION STATISTICS BASED ON 24/NOV/2022 EXPIRY DATA
Max OI (Calls) 43000 (Open Interest: 3501750, CE LTP: 21)
Max OI (Puts) 42500 (Open Interest: 3720600, PE LTP: 46)
PCR 1.22 (PCR is in buying Zone)

Bank Nifty Calls:
ATM: Long 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