Bank Nifty has been in sideways move in last 4 trading session so big move is round the corner. Swing Trade plan as below as per Intraday Ratios Indicator
We opened with a huge gap up and above the levels so no trade got intiated, We have important bayers rule coming on 17 Oct “RULE NO. 38 MERCURY LATITUDE HELIOCENTRIC Some mighty fine tops and bottoms are produced when Mercury in this motion passes the above mentioned degrees 0, 3*21,6*42, and 7*0’”
This rule last few dates were 23-Aug-22 -3.21 02-Oct-22 0 17-Oct-22 7 when Bank Nifty has seen some major moves. For Intraday Traders first 15 mins High and Low will guide and Our Intraday Ratios Indicator will give the levels.
For Swing Traders Bulls will get active above 39418 for a move towards 39614/39810/40006. Bears will get active below 38026 for a move towards 38830/38634/38437.
Intraday time for reversal can be at 9:22/10:59/12:16/1:01/2:39 How to Find and Trade Intraday Reversal Times
Bank Nifty Oct Future Open Interest Volume is at 18.6 lakh with liquidation of 0.09 Lakh contract , with increase in Cost of Carry suggesting short positions were closed today.
Bank Nifty Rollover cost @ 38460 and Rollover is at 76.5 % Closed above it
Bank Nifty as per musical octave trading path can be 38243-39381-40518 take the side and ride the move !!
Maximum Call open interest of 28 lakh contracts was seen at 39500 strike, which will act as a crucial resistance level and Maximum PUT open interest of 22 lakh contracts was seen at 39000 strike, which will act as a crucial Support level.
MAX Pain is at 39000 and PCR @0.90 . PCR below 0.95 and above 1.3 lead to trending moves, and in between leads to range bound markets.
The secret recipe for trading on the stock exchange is indeed the familiar one: “Let profits run sensibly -Limit losses sensibly. “At least with most trading approaches. But to apply this formula perfectly, it takes lot of experience and Knowledge.
For Positional Traders Trend Change Level is 38895 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 39504 will act as a Intraday Trend Change Level.