As discussed in Last Analysis Bank Nifty has formed outside bar today with lot of volatility during intraday trading with Saturn will come back to the normal state on 22nd February 2022,Saturn’s return to its normal position may enable a person to scale heights and thereby attain stability. So Markets can also come out of this volatile 2 ways move and can give trending move for Option Buyers to make money. For Swing Traders Long above 37735 for a move towards 37927/38120/38313. Bears will get active below 37542 for a move towards 37349/37156. Again a gap down open and intraday recovery tommrow we have 2 important Astro event Moon at Descending Node and Venus at Extreme Declination suggesting note down first 15 mins High and Low and take trade accordingly. For Swing Traders Long above 37393 for a move towards 37585/37777/37969. Bears will get active below 37201 for a move towards 37010/36818.
Intraday time for reversal can be at 9:52/10:36/11:30/1:20/1:57/2:45 How to Find and Trade Intraday Reversal Times
Bank Nifty Feb Future Open Interest Volume is at 11.9 lakh with liquidation of 3.45 Lakh contract , with decrease in Cost of Carry suggesting SHORT positions were closed today.
MAX Pain is at 37500 and PCR @0.92 Rollover cost @37516 closed above it.
In each of the last 4 days, we had a big range intra-day and at the end, the longer term picture did not change much. In effect, Institutions have been trading intra-day without effecting the longer term picture. The most obvious is the most deceiving in stock markets. Be cautious.
The critical quality needed to make money in this kind of market, where trends will flip on no notice is: Extreme flexibility Be prepared to flip your positions and trades with market flavour.It is always the minority which wins in the markets. So, be open for possibilities.
The Option Table data indicates decent support at 37000 and reasonable resistance at 38000.There is total OI of 2.55 Cores on the Call side and 2.22 Cores on the Put side, So, the activity is more on the CA0side, indicating option writers are in BULLISH zone.
For Positional Traders Trend Change Level is 37459 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 37243 will act as a Intraday Trend Change Level.
Buy Above 37444 Tgt 37585, 37729 and 37900 (Bank Nifty Spot Levels)