We have discussed the importance of Double Ingress in below video its very important for trend change or trend continuation with more Intensity. Also we are near Gann Angle Support zone with 91 Bar time cycle so both Astro and Gann Time cycle are meeting should led to big explosive move. Bull need to move above 33096 for a move towards 33276/33456/33636/33816. Bears need to move below 32916 for a move towards 32736/32556/32376.
Intraday time for reversal can be at 9:44/10:29/11:51/12:41/1:39/2:48 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.
There was fear all around. We are with the same VIX,Another interesting observation The Friday Selling in last 30 mins led to a gap down opening today. Today Last 30 mins can lead to gap up opening :).
PCR below 0.9 and above 1.3 lead to trending moves, and in between leads to range bound markets. So, after all the mayhem, we are probably returning to sanity is what is indicated by the rising PCR.
MAX Pain is at 33400 and PCR @0.73 Rollover cost @37206 closed below it.
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.
Bank Nifty is extremely pessimistic -so be prepared for a short term bounce. I do not recommend buying of options at this moment, because the volatality and hence the premium of options is very high. So, it is difficult to make money even if the market moves in our expected direction. Deal with futures or option writing for some days. If it is a must that you have to only deal with buying of options then resort to day trading. 🙂
For Positional Traders Trend Change Level is 33770 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 32949 will act as a Intraday Trend Change Level.
Buy Above 33276 Tgt 33456, 33636 and 33816 (Bank Nifty Spot Levels)