Bank Nifty: Monday - 31/10/22

29 oct 2022

Levels:
Support: 40975, 40800, 40650, 40425
Resistance: 41350, 41450, 41550, 41650, 42000 (the green color channel in 30m chart)
OI Data:

Bank Nifty => Price: 40990.85
ATM: 41000 , ITM: 40900, 40800, 40700 , OTM: 41100, 41200, 41300

Highest OI Call in Bank Nifty per OI data: 41500
Highest OI Put in Bank Nifty per IO data: 40000
Nearest Major Resistance in Bank Nifty per OI data: 41100
Nearest Major Support in Bank Nifty per IO data: 40600

Trade setup:
1. For any buy trade, follow the N pattern (let the price run above the level, let it retraces back to the level and let it hold the level as support)
2. For any sell trade, follow the mirror-N pattern (let the price fall below the level, let it pull back to the level and unable to pass through the level as resistance).

+++++++++++++++++++++++++++++++++++++++++
Trade | Level | SL | T1 | T2
-----------------------------------------
BUY | > 41100 | 41000 | 41300 | 41450
-----------------------------------------
SELL | < 40900 | 41000 | 40700 | 40550
+++++++++++++++++++++++++++++++++++++++++