As Discussed in Last Analysis 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. Low made was 36265 so bulls got entry at 36265 and did 1 target on upside. Now we might open gap down tommrow any break of 36265 can lead to big fall towards 36076/35888/35699. Bulls need to move above 36454 for a move towards 36642/36830/37019
Intraday time for reversal can be at 9:15/10/1:50/2:21 How to Find and Trade Intraday Reversal Times
Bank Nifty May Future Open Interest Volume is at 16.5 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 and made high of 36604.
The Option Table data indicates decent support at 36000 and reasonable resistance at 36800. There is total OI of 5.62 Cores on the Call side and 7.38 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 36500 and PCR @0.96 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. — Worked Perfectly
As a Trader , I must decide when to enter and exit the Markets . This is what trading is all about. I then ask myself two questions: 1) Is the time cycle present? 2) Can I afford to take the risk? If the answer to both of these questions is “yes,” then I must take the trade
For Positional Traders Trend Change Level is 36265 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 36479 will act as a Intraday Trend Change Level.