We saw the impact of Gann Rule If a price is rising for 9 consecutive day’s at a stretch, then there is a high probability of a correction for 5 consecutive days. (Ratio is 9:5) and Double Ingress of Mars and Sun as per Astrology Bank NIfty saw 1512 points correction in just 2 trading sessions. Now we have another important Rule kicking in today In a highly up trending market weekly low is achieved on Tuesday.
If this rule have to Kick in Bottom can be made today around 9:47-10:10 as we are back to gann 4×3 trendline support and bounce can be fast and furious. 38180 level to be watched where 1 gann cycle is completing. For Swing Traders Bulls need to move above 38339 for a move towards 38536/38732 Bears will get active below 38142 for move towards 37945/37748/37552.
Intraday time for reversal can be at 9:31/11:35/12:09/1/2:36 How to Find and Trade Intraday Reversal Times
Bank Nifty Sep Future Open Interest Volume is at 8.7 lakh with addition of 1.5 Lakh contract , with increase in Cost of Carry suggesting short positions were added today.
As per Musical Octave 39381 is Pivot Above it rally towards 40518 Below it 38243. — 38243 done.
Maximum Call open interest of 21 lakh contracts was seen at 39000 strike, which will act as a crucial resistance level and Maximum PUT open interest of 22 lakh contracts was seen at 38000 strike, which will act as a crucial Support level
MAX Pain is at 39000 and PCR @0.63 . PCR below 0.95 and above 1.3 lead to trending moves, and in between leads to range bound markets.3
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