Bank Nifty Trade Plan for 24 June

By | June 24, 2022 7:36 am

As Discussed in Last Analysis We have Venus Ingress today which leads to turning point in the market  as discussed in below video. For Swing traders Bulls need to move above 33009 for a move towards 33189/33368/33548/33729. Bears will get active below 33829 for a move towards 32649/32470/32290. We got the perfect turning point and a high voaltile session Bulls were able to do 2 target on upside and bears were able to do 1 target on downside. Today we should see another volatile move so trade in less quatity. For Swing traders Bulls need to move above 33374 for a move towards 33555/33729/33917/34097. Bears will get active below 33013 for a move towards 32832/32632. 

Intraday time for reversal can be at  9:28/10:24/12:15/1:40/2:23  How to Find and Trade Intraday Reversal Times

Bank Nifty May Future Open Interest Volume is at 19.3 lakh with liquidation of  1.8 Lakh contract , with increase in Cost of Carry suggesting  Short positions were closed today.

Bank Nifty rollover cost @ 34598 and Rollover @79.5 % Closed below it and got big move on downside.

As per Musical Octave Above 33195 Rally towards 34183. Fresh Swing SHort below 32768 for a move towards 32263.

Maximum Call open interest of 14 lakh contracts was seen at 33500 strike, which will act as a crucial resistance level and Maximum PUT open interest of 12 lakh contracts was seen at 32500 strike, which will act as a crucial Support level

MAX Pain is at 33000 and PCR @0.99. 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.

Some new traders expect to make money immediately, and when they don’t, they let this affect their work. When they do not see the results that they expected, they start to focus on the wrong things. Some increase their tier size, hoping that this will help them make more money. Some do not prepare as hard because they are discouraged. “What is the point of preparing hard if I cannot make money?” they ask themselves. They start to take chances that an experienced trader would not take. This leads to big rips and only compounds the problem. Now they are in a bigger hole.

For Positional Traders Trend Change Level is 34395 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 33113 will act as a Intraday Trend Change Level. 

Buy Above 33225 Tgt 33400, 33555 and 33729 (Bank Nifty Spot Levels)

Sell Below 33020 Tgt 32900, 32777 and 32555 (Bank Nifty Spot Levels)

As always I wish you maximum health and trading success

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