As discussed in Last Analysis We had Mercury Retrograde yesterday and we have hit the gann angle resistance zone as shown in below chart. Break of 38355 on Upside will lead to 300-400 points move and Bears need to break 37968 for a move of 300-400 on downside. Now Bulls need to cross 38261 for a move towards 38358/38456/38555/38653. 38562 is important level to be watched out for as Gann Cycle which started from 37780 will complete at 38562. Bears will have chance below 38062 for a move towards 37964/37867/37769/37672. As soon as 38261 was broken mercury Retrograde low bears had upper hand and pushed the index to all target on downside. We were able to capture the reversal also as discussed on twitter as soon as 37451 was broken 2 target on upside were done. Tommrow is important reversal date as per vedic astrology so watch out for first 15 mins high and low to ride the trend. Bulls need to move above 38025 for a move towards 38163/38358/38555. Bears will have chance below 3789 for a move towards 37791/37694/37597.
- Intraday time for reversal can be at 9:17/10:52/11:35/12:38/1:24/2:18 How to Find and Trade Intraday Reversal Times
- Bank Nifty Sep Future Open Interest Volume is at 14.1 lakh with liquidation of 225 contract , with decrease in Cost of Carry suggesting LONG positions were closed today.
- Bank Nifty has become Buy in Panic and Sell in greed Market as market enters in Volatile Phase.The market, as much as anything in life, has a way of transforming us from cool, calm, collected individuals into irrational, impulsive, and disoriented speculators. Clearly it’s in our interests towards long term profitability to spend the majority of our time in the former group rather than the latter.
- MAX Pain is at 37800 PCR has increased from 0.90 to 1.06 suggesting bears are having upper hand now.
- The Option Table data indicates decent support at 37500 and reasonable resistance at 38000.
- For Positional Traders Stay long till we are holding Trend Change Level 36996 and stay short below it. That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 37886 will act as a Intraday Trend Change Level.