As Discussed in Last Analysis  It was highly voaltile day with big range bank nifty is still not able to close below the Jupiter Ingress date low suggesting bulls have upper hand. For Swing trades Bulls need to move above 34800 for a move towards 34943/35193. Bears will get active below 34450 for a move towards 34293/34108/33893. We should see big move in Bank Nifty in next 2 trading sessions.  We got the big move as per expectation. Bears were able to do all target on downside and we will see gap up open today Bulls need to sustain above 33845 for 34027/34210/34392. Bears will get acctive below 33632 for a move towards 33480/33297.  

Intraday time for reversal can be at 9:15/10:28/12:04/1:21/2:54 How to Find and Trade Intraday Reversal Times

Bank Nifty May Future Open Interest Volume is at 33.68 lakh with kiquidation of  1.3 Lakh contract , with increase in Cost of Carry suggesting  short positions were closed today.

Now watch for 34500 for a move towards 35118/35574– High made today was 34781 but to close above 34500

Maximum Call open interest of 26 lakh contracts was seen at 34000 strike, which will act as a crucial resistance level and Maximum PUT open interest of 21 lakh contracts was seen at 33500 strike, which will act as a crucial Support level

MAX Pain is at 34000 and PCR @0.97 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 

Cut your losses – It’s pretty simple. You will not make it in the markets if you can’t cut your losses. You have to be confident in yourself as a trader to know there are an infinite amount of opportunities in the markets and that you can capitalize on them. That gives you the ability to let the losers go.

For Positional Traders Trend Change Level is 35181 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 33823 will act as a Intraday Trend Change Level. 

Buy Above 33627 Tgt 33723, 33819 and 34000 (Bank Nifty Spot Levels)

Sell Below 33450 Tgt 33323, 33100 and 32950 (Bank Nifty Spot Levels)

 

As always I wish you maximum health and trading success