Bank Nifty had important gann and astro date today as discussed in below video. Bank Nifty has also formed double bottom today at 37950 Swing Trade Plan is Bullish above 38333 for a move towards 38528/38723/38971, Bears will get active below 38005 for a move towards 37809/37613/37417. We have Monthly close tommrow Bulls will try to close between 38428-38504. 31 is trading Holiday on account of Ganesh Chaturthi. Market generally reaming Bullish during Ganesh Chaturthi.
Intraday time for reversal can be at 10:44/11:36/12:50/1:47/2:53 How to Find and Trade Intraday Reversal Times
Bank Nifty Sep Future Open Interest Volume is at 21 lakh with addition of 0.76 Lakh contract , with increase in Cost of Carry suggesting long positions were added today.
As per Musical Octave 38404 is Pivot Above it rally towards 39546 Below it 37325.
Maximum Call open interest of 27 lakh contracts was seen at 39000 strike, which will act as a crucial resistance level and Maximum PUT open interest of 24 lakh contracts was seen at 38000 strike, which will act as a crucial Support level
MAX Pain is at 38500 and PCR @0.97 . PCR below 0.95 and above 1.3 lead to trending moves, and in between leads to range bound markets.
As long as the levels are intact, and progressing as you expected, you hold your position for the target you outlined to your self in your trade plan. Raise your stop loss as the price unfolds in your favor. This is called “Managing your position”.