As Discussed in Last Analysis Astro Worked again as discussed on Twitter first 15 mins High was broken and trend for the day was on upside. Bank Nifty has given the highest daily close today which is a bullish sign, staying with the trend is diffcult as our Monkey Mind will keep searching some reason to Short as its has risen so much but my years of experience says stay with trend and ride till it bends.
For Swing Traders Bulls need to move above 41493 for a move towards 41694/41894/42008. Bears will get active below 41292 for a move towards 41091/40891/40690.
Bank Nifty did a new Life time high today at 41840 Last one was on 25 Oct 2021 at 41829.
Intraday time for reversal can be at 9:36/10:10/11:41/12:38/1:19/2:22 How to Find and Trade Intraday Reversal Times
Bank Nifty rollover cost @ 38918 and Rollover @73.2 % Closed above the rollover level suggesting bias is Bearish.
Bank Nifty Sep Future Open Interest Volume is at 22.2 lakh with liquidation of 0.76 Lakh contract , with decrease in Cost of Carry suggesting long positions were closed today.
As per Musical Octave 40518 is Pivot Above it rally towards 41724 Below it 39381 . — 41724 done.
Maximum Call open interest of 18 lakh contracts was seen at 41500 strike, which will act as a crucial resistance level and Maximum PUT open interest of 811 lakh contracts was seen at 40500 strike, which will act as a crucial Support level
MAX Pain is at 40500 and PCR @1.01 . PCR below 0.95 and above 1.3 lead to trending moves, and in between leads to range bound markets.
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For Positional Traders Trend Change Level is 39985 on Futures go long and short above/below it That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 41458 will act as a Intraday Trend Change Level.