As Discussed in Last Analysis Gap up open took resistance at the gann angle as shown below chart and fell down. For Swing traders Bears need to move below 35937 for a move towards 35676/35484. Bulls will get active above 36251 for a move towards 36443/36635. High made was 35957 so bulls were not able to cross 36251 and bears below 35937 did all target on dowside. We have important Astro Events happening on weekend so be cautious in carrying overnight positions in weekend. For Swing traders Bears need to move below 35388 for a move towards 35199/35009/34819. Bulls will get active above 35578 for a move towards 35768/35957
Intraday time for reversal can be at 9:30/10:06/11:15/12:09/1:23/2:20 How to Find and Trade Intraday Reversal Times
Bank Nifty March Future Open Interest Volume is at 22.4 lakh with liquidation of 0.80 Lakh contract , with increase in Cost of Carry suggesting SHORT positions were added today.
The option table data indicates decent support at 35000 and reasonable resistance at 36000.
Tommorow we have Gann Yealy cycle 24 March Covid crash date with Astro date Moon at Perigee so both gann and astro date coming so can lead to big move. First 15 Mins High and low will decide the trend of the day. — Worked perfectly both side move came.
MAX Pain is at 35700 and PCR @0.74 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. Once below 36539 bears had field day. Canadian Pension Fund to sell shares in Kotak Bank via block deals tomorrow will put pressure on Kotak Bank.
35790 Bank Nfty watch out closely its important Gann TC level 500-600 pt up and down move will be seen. —Now below 35790 we can expect 500 points.
One Of The Main Reasons So Many Fail When Trading. They Trade Their Emotions And Not Their Trades next week will be high energy week so aviod trading based on emotions. Any close below 35308-35270 will be highly bearish.
For Positional Traders Trend Change Level is 36081 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 35742 will act as a Intraday Trend Change Level.
Buy Above 35585 Tgt 35689, 35850 and 36000 (Bank Nifty Spot Levels)