As Discussed in Last Analysis 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. Bulls were able to do 2 target on upside and now waiting for 33917/34097 which should be done on gap up on Monday. Astro again helped us in capturing the big move on upside. Next important date is on 28 June/30 June which we wil discuss in coming article. For Swing traders Bulls need to move above 33939 for a move towards 34121/34304/34487 . Bears will get active below 33590 for a move towards 33406/33222/33038.
Intraday time for reversal can be at 9:17/11:09/12:49/1:35/2:01/2:50 How to Find and Trade Intraday Reversal Times
Bank Nifty May Future Open Interest Volume is at 20 lakh with addition of 0.61 Lakh contract , with increase in Cost of Carry suggesting Long positions were added 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 21 lakh contracts was seen at 33500 strike, which will act as a crucial resistance level and Maximum PUT open interest of 21 lakh contracts was seen at 34000 strike, which will act as a crucial Support level
MAX Pain is at 33600 and PCR @0.9. 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.
Successful trading is an art and a skill, Market will pay you if you have proper SKILL SET.