As Discussed in Last Analysis Again another gap up open Market is just trading in gaps and on Monday again we will open gap up Nifty chart look like a Small Cap stock chart. Now Bulls need to move above 36642 for a move back to 36832/37023/37213, Bears below 36403 for a move towards 36214/36026/35838. High made was 36600 so buls unable to cross 36642 and bears below 36403 did almost all 3 target on downside. 21 March showed its impact as discussed in below video. Now Bears need to move below 35834 for a move towards 35643/35452/35261 . Bulls will get active above 36217 for a move towards 36408/36600.
Intraday time for reversal can be at 9:28/10:13/11:58/1:35/2:32 How to Find and Trade Intraday Reversal Times
Bank Nifty March Future Open Interest Volume is at 19.8 lakh with liquidation of 0.22 Lakh contract , with decrease in Cost of Carry suggesting LONG positions were closed today.
The option table data indicates decent support at 35000 and reasonable resistance at 36500.
The option table is undergoing a real transformation – with each day one PE level is targeted with huge volumes of writing and the strike is giving way to much lower strikes.
MAX Pain is at 36100 and PCR @1 Rollover cost @37206 closed below it. The PCR is in the neutral zone of 0.95.
Another Imp WD GAnn Rule A market that has been strong during the week or especially during the latter part of the week and closes strong on Friday,is likely to open strong Monday and finish the advance in the first hour on Monday.Therefore, be very careful about buying stocks on Monday moming’s strong opening. Public buying orders which accumulate over Sunday are all executed Monday moming and as soon as this demand is supplied professionals start selling and the market has a reaction in proportion to its condition and position at the time. So Monday 9:15-10:15 AM will decide the trend for the week — Worked Perfectly
W.D. Gann: “March 21st is 90 days from December 22nd. This is the date when the Sun crosses the equator and Spring begins. The Spring rally in the stock market often starts around this date or culminates if stocks have been advancing previous to this date.” — On 20 Dec we made bottom lets see what happens on 21 March. — Worked Perfectly
35790 Bank Nfty watch out closely its important Gann TC level 500-600 pt up and down move will be seen.
For Positional Traders Trend Change Level is 36116 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 36160 will act as a Intraday Trend Change Level.
Buy Above 36095 Tgt 36173, 36250 and 36445 (Bank Nifty Spot Levels)