As Discussed in Last Analysis Weekend we have Double Ingress so aviod carrying overnight positions. 15-18 July are Astro Heavy dates suggesting we can see some positive coming from both Stock and Currency Markets. Bears below 34600 now waiting for 34411/34223/34034.Bulls need to close above 34789 now waiting for target of 34977/35166/35354. For Intraday traders watch for first 15 mins High and Low to take the trades. Bank Nifty Both Bulls and Bears got whipsawed and Bank Nifty formed a perfect Doji at astro and gann date. Now Bulls need to move above 34932 for a move towards 35210/35575/35729. Bears will get active above 34665 for a move towads 34444/34225/34000.
Intraday time for reversal can be at 9:15/10:37/11:32/1/1:31/2:24 How to Find and Trade Intraday Reversal Times
Bank Nifty May Future Open Interest Volume is at 20.5 lakh with liqudiation of 1.9 Lakh contract , with increase in Cost of Carry suggesting Long positions were closed today.
Bank Nifty rollover cost @ 33655 and Rollover @80.2 % Closed above it.
Bank Nifty Future have 14.7 Lakh OI added in range of 34598-33500 price zone out of today 20 Lakh which is more than 60% and yesterday we have made low of 34541 suggesting we should see a move towards 35472-35999 by next week based on OI data.
Range of 35325-35358 should be watched closely. Its Make or break level for 1000 points Move in Bank Nifty. Price closed below 35325 and 900 points done.
Maximum Call open interest of 22 lakh contracts was seen at 35000 strike, which will act as a crucial resistance level and Maximum PUT open interest of 18 lakh contracts was seen at 34500 strike, which will act as a crucial Support level
MAX Pain is at 35000 and PCR @0.9 . PCR below 0.93 and above 1.3 lead to trending moves, and in between leads to range bound markets.
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