Daily Chart Bank Nifty has formed a DOJI so do not be outright bullish and wait for levels to get triggred. Till we are holding Friday Low of 41918 Bulls have upper hand.Next week 16-17 Nov are important Astro dates.
Low made 41965 so bulls were able to protect 41818 and closed above 42000 again, VIX has come down significantly so we can see lower voaltile moves for next few days. Bank Nifty has formed an Inside Bar candel today and Sautrn Jupiter coming at 40 degree it take 2-3 days for long term plannet to show impact. 16-17 Mercury and Venus are going in Ingress so can lead to trending move after 2 days.
For Swing Trade Bulls need to move above 42122 for a move towards 42327/42532/42737. Bears will get active below 41928 for a move towards 41725/41521/41318.
Intraday time for reversal can be at 9:15/10:05/10:47/11:20/12:25/1:35/2:34 How to Find and Trade Intraday Reversal Times
Bank Nifty Nov Future Open Interest Volume is at 24.4 lakh with liquidation of 2.1 Lakh contract , with increase in Cost of Carry suggesting Long positions were closed today.
Bank Nifty Rollover cost @ 41285 and Rollover is at 76.5 % Closed above it
Maximum Call open interest of 32 lakh contracts was seen at 42500 strike, which will act as a crucial resistance level and Maximum PUT open interest of 32 lakh contracts was seen at 42000 strike, which will act as a crucial Support level.
MAX Pain is at 42300 and PCR @0.84 . PCR below 0.95 and above 1.3 lead to trending moves, and in between leads to range bound markets.
Do not trade with tiny account, Its better to paper trade and build yourself until there is reasonable amount in your account. The market will wait for you. You want odds to be with you not against you, so be patient with right amount of capital.
For Positional Traders Trend Change Level is 41649 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 42216 will act as a Intraday Trend Change Level.