As discussed in Last Analysis 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. We opened with Huge gap down and saw deep cut in Bank Nifty tune of 2163 points and we are back to gann 1×1 line support. Fall can extend more as bank nifty closed below its 200 DMA, Bears need to move below 34990 for a move towards 34790/34418/34048. Bulls will have chance above 35540 for a move back to 35729/35918/36200.
Intraday time for reversal can be at 9:50/11:11/12:35/1:15/2:02 How to Find and Trade Intraday Reversal Times
Bank Nifty March Future Open Interest Volume is at 20.5 lakh with addition of 7.7 Lakh contract , with increase in Cost of Carry suggesting SHORT positions were added today.
MAX Pain is at 36000 and PCR @0.81 Rollover cost @37206 closed above it.
Talking about supports and resistance based on OI at this stage is not quite relevant because, with the kind of mayhem going on, no strike is safe.The option table is undergoing a real transformation – with each day one CE level is targeted with huge volumes of writing and the strike is giving way to much lower strikes.
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 escalation in the Ukraine conflict comes at a time when financial markets were already grappling with surging inflation and the economic impact of hawkish central bank policies. All eyes are now on the Federal Reserve’s policy meeting next month, where analysts still expect it to raise interest rates, but deliver fewer-than-expected hikes through the rest of the year.
For Positional Traders Trend Change Level is 35896 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 35896 will act as a Intraday Trend Change Level.
Buy Above 35436 Tgt 35526, 35642 and 35850 (Bank Nifty Spot Levels)