Intraday time for reversal can be at 9:23/10:44/11:42/12:22/1:14/2:30 How to Find and Trade Intraday Reversal Times
Bank Nifty has seen correction of 4214 points in 9 trading session. We are still trading above 04 Aug low of 37249 RBI day suggesting any positive commetary by RBI can see atleast 2000 points rally in Bank Nifty.
Bank Nifty Oct Future Open Interest Volume is at 15.5 lakh with addition of 6.5 Lakh contract , with increase in Cost of Carry suggesting long positions were added today.
As per Musical Octave 38243 is Pivot Above it rally towards 39381 Below it 37169
Maximum Call open interest of 38 lakh contracts was seen at 38000 strike, which will act as a crucial resistance level and Maximum PUT open interest of 42 lakh contracts was seen at 37500 strike, which will act as a crucial Support level
MAX Pain is at 38000 and PCR @0.80 . PCR below 0.95 and above 1.3 lead to trending moves, and in between leads to range bound markets.
The pain of being wrong seems to increase exponentially in relation to the size of the position. If we normally trade one lots and now we are trading twos, the degree of difficulty in acting quickly when we are wrong is not twice but perhaps five times as great. Herein lies the magic that seems to cast its spell on each traderís psyche. The pain to our ego is in proportion to the size of trades. Avoidance of pain is what keeps us from acting fast. Losing that fear is the key to success. We must trust the process.
For Positional Traders Trend Change Level is 38359 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 38080 will act as a Intraday Trend Change Level.