Bank Nifty price s holding near the gann angle, Break of 33000 can lead to fast move towards 32500-32000. Price has bounced from gann angle and now till we are holding 33365 bulls have upper hand. For Swing trades BUlls need to move above 33729 for a move towarsd 33910/34091/34273, Bears will get active below 33343 for a move towards 33183/33001.
Intraday time for reversal can be at 9:15/10/11:49/12:31/1:09/2:41 How to Find and Trade Intraday Reversal Times
Bank Nifty May Future Open Interest Volume is at 28.2 lakh with liquidation of 3.7 Lakh contract , with increase in Cost of Carry suggesting short positions were closed today.
WIll LIC IPO Listing will have negative impact on Bank NIfty as if its list below Issue Price and can spoil sentiment and LIC will also deploying funds in buying equity from today so be extremly cautious today.
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 33000 strike, which will act as a crucial Support level
MAX Pain is at 33600 and PCR @0.94 Rollover cost @36221 closed below it and Rollover % @80 highest in last 3 months.
Yesterday we had Lunar Eclipse and today we have Moon at Perigee suggesting another big move can be seen in Bank Nifty.
Trade less make more – Be picky about your trade setups and only take the best ones. The goal is to take the least amount of trades needed as over time even the best traders will lose on more trades than they win on.
For Positional Traders Trend Change Level is 34936 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 33583 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)