Bank Nifty: Tuesday - 06/12/22

5 Ara 2022

Important Note: In hourly chart intraday, it is showing a hidden divergence. RSI is keeping the same level 87, which price has made a lower high b/w 9:15 and 2:15 candle highs.
So the uptrend will continue, means price shall go up to catch the RSI levels.


Levels:
Support: 43275, 43000, 72750
Resistance: 43425, 43630, 42900

OI Data:

---------------------------------------------------------------------|
Bank Nifty => Price: 43332.95
ATM: 43300 , ITM: 43200, 43100, 43000 , OTM: 43400, 43500, 43600
---------------------------------------------------------------------|
Highest OI Call in Bank Nifty per OI data: 43500
Highest OI Put in Bank Nifty per IO data: 43000
Nearest Major Resistance in Bank Nifty per OI data: 43600
Nearest Major Support in Bank Nifty per IO data: 42900
---------------------------------------------------------------------|

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 | > 43500 | 43400 | 43600 | 43700
-----------------------------------------
SELL | < 43000 | 43250 | 42800 | 42700
+++++++++++++++++++++++++++++++++++++++++