As Discussed in Last Analysis Bank Nifty opened with gap down and closed below Saturn Retrograde low and able to do 1 target on downside. For Swing Traders Bulls need to move above 35133 for a move towards 35323/35513/35703. Bears will get active below 34820 for a move towards 34631/34441. Another day rally came but price unable to sustain above Saturn Retrograde high of 35424 saw a decent fall.Bulls were able to do 1 target on upside and Levels shared on Intraday worked perfectly. Tommrow we can see big move as Bank NIfty has formed an double bottom Pattern and closed above 34937. For Swing Traders Bulls need to move above 35034 for a move towards 351999/35389/35579. Bears will get active below 34820 for a move towards 34631/34441.
RBI Policy outcome will come after 10:30 AM. Once the RBI Governor Stop speaking take position after that only, Till 10:39 AM we can see wild swings. Saturn is in Retrograde in Aquarius.Interest rates will go up for sure but it remains to be seen by how much.Any hike or any comment which indicates more than anticipated rate might dampen the mood further and could keep our markets in corrective mode. So just keep an eye your postions especially in F & O. However dip should be used to buy as the markets could bounce sharply as Moon goes Declination on 10 June.
Intraday time for reversal can be at 10:12/11:10/12:36/1:13/2:06 How to Find and Trade Intraday Reversal Times
Bank Nifty May Future Open Interest Volume is at 24.1 lakh with addition of 0.10 Lakh contract , with decrease in Cost of Carry suggesting Long positions were added today.Today we have seen Highest Volume in BNF for this series.
Bank Nifty rollover cost @ 34598 and Rollover @79.5 % Closed below it. Bank Nifty BUlls need to protect 35277 on Bank Nifty Futures tommrow. Low made 35290.
Maximum Call open interest of 26 lakh contracts was seen at 35300 strike, which will act as a crucial resistance level and Maximum PUT open interest of 23 lakh contracts was seen at 34800 strike, which will act as a crucial Support level
MAX Pain is at 35000 and PCR @094 . PCR below 0.9 and above 1.3 lead to trending moves, and in between leads to range bound markets. So, after all the mayhem, we are probably returning to sanity is what is indicated by the rising PCR.
#BANKNIFTY closed above #gann Monthly TC Level of 35034 upmove can last till 35526/35758/35984/36179/36641 Any close below 35000 can lead to quick fall towards 34491. Above 35034 price almost move to 1 target and closed below 35034 for 2 day in a rown.
To outperform the market and to succeed in trading, a trader needs to take charge of his emotions.To start off, he requires a patient and confident mind.
For Positional Traders Trend Change Level is 35462 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 35185 will act as a Intraday Trend Change Level.