We have formed bottom on 27 Jan as per Bayers Rule disucced in last analysis Important Bayer Rule 27: Big tops and big major bottoms are when Mercury’s speed in Geocentric longitude is 59 minutes or 1 degree 58 minutes. is in effect today so watch out for first 15 mins High and Low and day trend will be decided. One of the most important event for Capital Market will come today Union Budget 2022, Its happening on New Moon Day.New Moon is negative as moon between sun and earth so traps energy. We are entering budget with a low expecation and any good news on Tax Front can lead the rally and Bank Nifty has formed Inside Bar pattern. Bulls will get active above 38225 for a move towards 38501/38786/39071/39304. Bears will get active below 37636 for a move towards 37363/37078/36793/36509.
Intraday time for reversal can be at 9:25/10:37/11:37/1:00/2:28 How to Find and Trade Intraday Reversal Times
Bank Nifty Feb Future Open Interest Volume is at 20.5 lakh with addition of 0.66 Lakh contract , with increase in Cost of Carry suggesting LONG positions were added today.
MAX Pain is at 38000 and PCR @1.01 Rollover cost @37516 closed above it.
The Option Table data indicates decent support at 37000 and reasonable resistance at 39000 .There is total OI of 2.08 Cores on the Call side and 1.63 Cores on the Put side, So, the activity is more on the CALL side, indicating option writers are in BEARISH zone.
Bayer Rule 2: Trend goes down within 3 days when the speed difference between Mars and Mercury is 59 minutes. Leads to Big Move and we have New Moon also and 5 Plannets are in Scorpio Zodiac suggesting it will be High Volatile day. First 15 mins High and low will guide for the day.
We are seeing good outperformance from Bank nifty led by PSU’s Bank.On the weekly chart the index has formed a “Doji” candlestick formation indicating indecisiveness amongst market participants regarding the direction. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating positive bias.Bank Nifty is trading above 20, 50, and 100 day SMAs which are important short term moving averages, indicating positive bias in the short to medium term.
For Positional Traders Trend Change Level is 38059 on Futures and go long and short above/below it That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 38087 will act as a Intraday Trend Change Level.
Buy Above 38250 Tgt 38516, 38815 and 39200 (Bank Nifty Spot Levels)