Bank Nifty has been trading in gaps for last few trading sessions and with gann and astro date combining as discussed in below video we can see good trending move in next 2 trading sessions. Today also we will open with gap up For Swing traders Bulls need to move above 36265 for a move towards 36453/36642/36830. Bears will get active below 36076 for a move towards 35888/35699/35511.
Intraday time for reversal can be at 9:15/10:10/1:49/2:07/2:50 How to Find and Trade Intraday Reversal Times
Bank Nifty May Future Open Interest Volume is at 14.5 lakh with addition of 0.78 Lakh contract , with increase in Cost of Carry suggesting LONG positions were added today.
Now watch for 35937 for a move of 729-1008 move. — Closed above 35937
The Option Table data indicates decent support at 36000 and reasonable resistance at 36500. There is total OI of 4.62 Cores on the Call side and 6.38 Cores on the Put side, So, the activity is more on the PUT side, indicating option writers are in BULLISH zone.
MAX Pain is at 36200 and PCR @0.95 Rollover cost @36128 closed below it and Rollover % @58.8 lowest in last 3 month.
I do not consider new shorts rewarding enough in Bank Nifty with kind of recovery seen and HDFC Twins showing some sign of life. Probably a panic bottom is made and a decent rally might be the way which causes maximum pain to maximum participants. Let us look forward.
P&L is not dictated by our predictions but our trading skill And when you develop trading skills, it does not matter whether you accurately predict the top in a sector. It just matters that that sector is active. As long as it moves.
For Positional Traders Trend Change Level is 37468 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 36418 will act as a Intraday Trend Change Level.