As Discussed in Last Analysis 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. Almost 1 target done on upside and downside and we got the perfect bounce from gann angle as shown below. For Swing traders Bears need to move below 36137 for a move towards 35949/35761. Bulls will get active above 36513 for a move towards 36701/36889/37040.
Intraday time for reversal can be at 9:44/10:16/10:51/11:55/1:31/2:28 How to Find and Trade Intraday Reversal Times
Bank Nifty March Future Open Interest Volume is at 20.2 lakh with addition of 0.43 Lakh contract , with increase in Cost of Carry suggesting LONG positions were added today.
The option table data indicates decent support at 35500 and reasonable resistance at 37000.
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 @0.84 Rollover cost @37206 closed below it.
Do not get complacent with longs till we do not close above 36456-36539 zone, Basically range of 36456-36539 on upside and 35758-35666 on downside is strong supply and demand zone. Break of any side will lead to 800-1000 points move.
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 same happened today.
35790 Bank Nfty watch out closely its important Gann TC level 500-600 pt up and down move will be seen. —Almost 500 points done above 35790.
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 36500 Tgt 36610, 36750 and 36898 (Bank Nifty Spot Levels)