As discussed in Last Analysis 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. Today High and low will be important for swing trade till Friday based on Astro event today. For Swing Traders Long above 37777 for a move towards 37951/38128. Bears will get active below 37312 for a move towards 37215/37038/36800.
Intraday time for reversal can be at 9:51/11:10/12:19/1:17/2:26 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 @1.07 Rollover cost @37516 closed above it.
In each of the last 5 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 37800 .There is total OI of 3.14 Cores on the Call side and 2.24 Cores on the Put side, So, the activity is more on the CALL side, indicating option writers are in BEARISH zone.
For Positional Traders Trend Change Level is 37411 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 38161 will act as a Intraday Trend Change Level.
Buy Above 37444 Tgt 37546, 37671 and 37871 (Bank Nifty Spot Levels)