As Discussed in Last Analysis We have been long and avioded any shorts in anticiapation, Always try to be Reactive trader rather than being a Predictive trader. For Swing Traders Bulls will get active above 38546 for a move towards 38741/38936/39132. Bears will get active below 38350 for a move towards 38155/38000/37729. Bank Nifty continue to rally above its 4×3 gann angle resistance as shown in below chart, We also have FULL MOON Tommrow so watch out for first 15 mins High and low to trade. For Swing Traders Bulls will get active above 38936 for a move towards 39132/39327/39522. Bears will get active below 38741 for a move towards 38546/38350/38155
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Intraday time for reversal can be at 9:15/11:23/12:33/1:14/2:07/2:59 How to Find and Trade Intraday Reversal Times
Bank Nifty Aug Future Open Interest Volume is at 29.3 lakh with addition of 2.4 Lakh contract , with increase in Cost of Carry suggesting Long positions were added today.
Its Basic Human Nature, Markets are up Traders want to Short Market are down traders want to Buy and this particular Emotions are exploited by Smart Money and Current Rally is classic Example,Many traders are losing on their shorts and market keep going up everyday.
Maximum Call open interest of 10 lakh contracts was seen at 39100 strike, which will act as a crucial resistance level and Maximum PUT open interest of 13 lakh contracts was seen at 38300 strike, which will act as a crucial Support level
MAX Pain is at 38200 and PCR @1.14 . PCR below 0.95 and above 1.3 lead to trending moves, and in between leads to range bound markets.3
Trading is a game of math. It is about finding setups that offer you a good risk/reward and pulling the trigger. Thirty–40 percent of these trades will result in a loss. This is the game.