As Discussed in Last Analysis We got the big move as per expectation as both gann and astro date worked perfectly. Now we will have election results coming on thursday so tommrow can be another volatile session. Now Bulls need to move above 33231 for a move back to 33410/33589. Bears below 33051 can see quick fall towards 32872/32693. Any close above 33543 can lead to 1000 point move. Got the Big move today and we saw power of double ingress and now tommrow we have Mercury Ingress watch for first 15 mins High and low to capture trend for the day. Now Bulls need to move above 34000 for a move back to 34343/34714. Bears below 33605 can see quick fall towards 33240/32876.
Intraday time for reversal can be at 9:39/11:35/12:35/1:37/2:19/2:58 How to Find and Trade Intraday Reversal Times
Bank Nifty March Future Open Interest Volume is at 29.8 lakh with addition of 0.09 Lakh contract , with decrease in Cost of Carry suggesting SHORT positions were closed today.
My observation is – Institutions short – Big Bears Short – Market Falls – Big Bears Cover – Pigs Short -Institutions Cover – Market Rallies for the Pigs to get slaughtered.
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. — Worked Perfectly.
MAX Pain is at 33500 and PCR @0.82 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. :)– Got the short term bounce.
For Positional Traders Trend Change Level is 34738 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 33509 will act as a Intraday Trend Change Level.
Buy Above 34000 Tgt 34207, 34444 and 34666 (Bank Nifty Spot Levels)