As Discussed in Last Analysis 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. Bulls were able to do 1 target on upside and close above 34479 now waiting for 34664/34848/35032. Bears will get active below 34170 for a move towards 33927/33678/33400. We saw the impact of Jupiter ingress on Bank Nifty showing some sign of reversal now any move above 34781 will confirm a move towards 35034 in Bank Nifty.
Intraday time for reversal can be at 9:23/9:58/12:12/1:31/2:31 How to Find and Trade Intraday Reversal Times
Bank Nifty May Future Open Interest Volume is at 32.5 lakh with addition of 1.7 Lakh contract , with increase in Cost of Carry suggesting Long positions were added today.
Now watch for 34500 for a move towards 35118/35574– High made today was 34781 but failed to close above 34500
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 @0.89 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. — We got a trend change in bank nifty
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For Positional Traders Trend Change Level is 35432 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 34552 will act as a Intraday Trend Change Level.
Buy Above 34546 Tgt 34639, 34731 and 34823 (Bank Nifty Spot Levels)
Sell Below 34454 Tgt 34361, 34269 and 34176 (Bank Nifty Spot Levels)