As Discussed in Last Analysis 09 May we have 4 Aspect of Marcury with Saturn and Neptune suggesting again High Intensity date. For Swing Traders Bulls need to move above 34723 for a move towards 34909/35094/3529/35465. Bears will get active below 34424 for a move towards 34238/34051/33865. Bears were able to do 1 target on downside. Tommrow we have 2 Important Astro date Jupiter Ingress and Mercury Retrograde so we can see potential reversal in the market. For Swing Traders Bulls need to move above 34479 for a move towards 34664/34848/35032. Bears will get active below 34238 for a move towards 34051/33865/33678.
Intraday time for reversal can be at 9:15/9:57/12:39/1:37/2:40 How to Find and Trade Intraday Reversal Times
Bank Nifty May Future Open Interest Volume is at 30.1 lakh with addition of 0.65 Lakh contract , with increase in Cost of Carry suggesting Long positions were added today.
Now watch for 34500 for a move towards 35118/35574
The option table is undergoing a real transformation – with each day one CE level is targeted with huge volumes of writing and the strike is giving way to much lower strikes.
MAX Pain is at 34500 and PCR @0.95 Rollover cost @36221 closed below it and Rollover % @80 highest in last 3 months.
Bayer Rule 1: The trend changes when Mercury changes its direction.Mercury goes in Retrograde.
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For Positional Traders Trend Change Level is 35555 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 34265 will act as a Intraday Trend Change Level.
Buy Above 34300 Tgt 34444, 34577 and 34729 (Bank Nifty Spot Levels)
Sell Below 34225 Tgt 34100, 33950 and 33800 (Bank Nifty Spot Levels)