Bank Nifty Trade Plan for 10 June

By | June 9, 2022 9:29 pm

As Discussed in Last Analysis 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 35199/35389/35579. Bears will get active below 34820 for a move towards 34631/34441. Bulls  again were able to close above 35034 now waiting for 35389/35579. Bears below 34885 can see quick move towards 34696/34508/34320. 

12 June is important astro date “RULE NO. 38 MERCURY LATITUDE HELIOCENTRIC Some mighty fine tops and bottoms are produced when Mercury in this motion passes the above mentioned degrees 0, 3*21,6*42, and 7*0’” so carry overnight positons with Hedge.

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. —Worked Perfectly

Intraday time for reversal can be at  9:15/10:20/11:08/1:47/3:03 How to Find and Trade Intraday Reversal Times

Bank Nifty May Future Open Interest Volume is at 23.1 lakh with liquidation of  0.91 Lakh contract , with decrease in Cost of Carry suggesting  Long positions were closed today.

Bank Nifty rollover cost @ 34598 and Rollover @79.5 % Closed above it. Bank Nifty BUlls need to move above 35277 on Bank Nifty Futures tommrow.

Maximum Call open interest of 26 lakh contracts was seen at 35500 strike, which will act as a crucial resistance level and Maximum PUT open interest of 23 lakh contracts was seen at 35000 strike, which will act as a crucial Support level

MAX Pain is at 35300 and PCR @091 . 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.

The most common fault in trading is overthinking—dwelling on the past and not keeping to the trading plan. Besides thinking too much, a trader may believe he is always correct and will refuse to accept the reality of the market. Thus, he should make extra effort to understand more of himself and his emotion, so that he will trade better and feel better.

For Positional Traders Trend Change Level is 35414 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 34934 will act as a Intraday Trend Change Level. 

Buy Above 35155 Tgt 35270, 35400 and 35555 (Bank Nifty Spot Levels)

Sell Below 34885 Tgt 34777, 34620 and 34444 (Bank Nifty Spot Levels)

As always I wish you maximum health and trading success

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