As discussed in last analysis We have very important Bankruptcy Aspect tommrow Venus Conjucnt Pluto as discussed in below video, Watch for first 15 mins High and low to get the trend of the market. Follow the levels with discipline and rewards will be seen. For Swing Traders LOng should be taken above 35540 for a move towards 35918/36299. Bears will get active below 35164 for a move towards 34790/34418. Below 35164 we got 34790 and 15 mins low broken and whole day we got a downmove and we also formed Daily Outside bar pattern. Tommrow we have Jupiter in Conjunction with Sun and we are still holding to gann angle which should bring some big move in bank nifty. Above 35164 Bulls can see move towards 35540. Any Close above 35540 can lead to quick move towards 35729/35918. Bears below 34790 will see a quick fall towards 34415/34048.
Intraday time for reversal can be at 9:51/10:49/11:16/12:53/1:23/2:27 How to Find and Trade Intraday Reversal Times
Bank Nifty March Future Open Interest Volume is at 26.6 lakh with addition of 4 Lakh contract , with decrease in Cost of Carry suggesting SHORT positions were added today.
The Current OI is the highest since May 2017, Today’s session saw shorts added in Banknifty along with most ICICI AND HDFC TWINS adding Short OI. Last time we had such high OI – Banknifty corrected around 13% in March/April 2021.
The most obvious is the most deceiving in stock markets. Be cautious.
MAX Pain is at 35000 and PCR @0.9 Rollover cost @37206 closed below it. The VIX is still standing at a very high value – causing concern to the option writers. Buying options at these high premiums is not a good way of trading.
Talking about supports and resistance based on OI at this stage is not quite relevant because, with the kind of Voaltality going on, no strike is safe as 1 day we are down 2000 points and other day 1000 point up.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.
With the staunch support of Ukraine from the globe driving a unification of Western interests to confront the Russian threat – an outcome most wouldn’t have envisaged–combined with Ukrainian resolve, there is a more likely outcome of a ceasefire orchestrated by Russia as today’s headlines suggested, which creates an early ‘off ramp’ for the conflict and easing of oil prices. This same point also has helped to lower the concern of a near-term China invasion of Taiwan.
For Positional Traders Trend Change Level is 35773 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 35231 will act as a Intraday Trend Change Level.
Buy Above 35050 Tgt 35156, 35262 and 35400 (Bank Nifty Spot Levels)