Bulls were able to do 1 target on upside ,Till we are holding 40140 bulls have upper hand. For Swing Traders Bulls will get active above 40333 for a move towards 40531/40729. Bears will get active below 40000 for a move towards 39820/39666/39450.
Bank Nifty has hit the upper end of gann angle and also touched the musical octave level as show im below chart. Bulls need to close above 40540 for a move towards 40740/40941/41144. Bears will get active below 40038 for a move towards 39837/39635/39434.
Intraday time for reversal can be at 9:43/10:46/11:33/12:18/1:45/2:27 How to Find and Trade Intraday Reversal Times
Bank Nifty Oct Future Open Interest Volume is at 15.8 lakh with liquidation of 0.45 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 39456-40689-41889 take the side and ride the move !!
Maximum Call open interest of 48 lakh contracts was seen at 40500 strike, which will act as a crucial resistance level and Maximum PUT open interest of 52 lakh contracts was seen at 39800 strike, which will act as a crucial Support level.
MAX Pain is at 40300 and PCR @0.80 . PCR below 0.95 and above 1.3 lead to trending moves, and in between leads to range bound markets.
Studies show that traders avoid risk when winning and seek risk when losing. This is the exact opposite of what needs to done to sustain in the markets. We must reprogram ourselves and create habits that are unnatural until they become our second nature.
For Positional Traders Trend Change Level is 39172 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 40464 will act as a Intraday Trend Change Level.
Intraday Trading Levels
Buy Above 40420 Tgt 40555, 40729 and 40852 (Bank Nifty Spot Levels)
Sell Below 40323 Tgt 40160, 40040 and 39825 (Bank Nifty Spot Levels)
Upper End of Expiry : 40662
Lower End of Expiry :40139