All Bullish target discussed tommrow were done and short term bottom also formed. Tommrow we have RBI policy at 10 AM. Try to take trade 15 mins after once the policy is over. Now Bulls need to move above 38778 for a move towards 38973/39169/39304. Bears will have chance below 38582 for a move ack to 38387/38192.
Intraday time for reversal can be at 10:12/11:26/12:32/1:15/2/2:53 How to Find and Trade Intraday Reversal Times
Bank Nifty Feb Future Open Interest Volume is at 18.5 lakh with liquiadation of 1.1 Lakh contract , with increase in Cost of Carry suggesting LONG positions were closed today.
MAX Pain is at 38300 and PCR @0.95 Rollover cost @37516 closed above it.
As per Gann,Bulls need to move hold 37713 for upmove towards 38500. — 38500 Done today now heading towards 39000/39304
The Option Table data indicates decent support at 38200 and reasonable resistance at 39000.There is total OI of 4.4 Cores on the Call side and 4.76 Cores on the Put side, So, the activity is more on the PUT side, indicating option writers are in BULLISH zone.
For Positional Traders Trend Change Level is 38500 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 38542 will act as a Intraday Trend Change Level.
Buy Above 38650 Tgt 38774, 38939 and 39230 (Bank Nifty Spot Levels)