We got the big move today and bank nifty broke out of Inside Day candel and we will see impact of Venus Ingress tommrow first 15 mins High and Low will guide for the day. Till we do not close below 42000 Bulls have upper hand.
Tommrow we have Mercury Ingress and Today we have Venus Ingress Both moving in Sagittarius, As per W D Gann Double ingresses (when two or more planets, not counting the Moon, enter a new sign within two consecutive days) market tend to see big move. Bank Nifty is making Higher High, Always Remmber Market follow path of least resistance Mind and heart will say lets short as Bank Nifty has rallied 4000 points without major correction but till the system do not give signal aviod shorting else money will be lost. Either wait on sideline or be long till we do not close below previous day low.
For Swing Trade Bulls need to move above 42532 for a move towards 42737/42941/43146. Bears will get active below 42122 for a move towards 41918/41725/41521
Intraday time for reversal can be at 10:12/11:33/12:32/1:42/2:49 How to Find and Trade Intraday Reversal Times
Bank Nifty Nov Future Open Interest Volume is at 26.2 lakh with liquidation of 1.7 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 42 lakh contracts was seen at 42800 strike, which will act as a crucial resistance level and Maximum PUT open interest of 42 lakh contracts was seen at 42100 strike, which will act as a crucial Support level.
MAX Pain is at 42700 and PCR @0.90 . PCR below 0.95 and above 1.3 lead to trending moves, and in between leads to range bound markets.
Trading require courage you need to do right thing at right time despite fear and greed puling you in opposite direction.
For Positional Traders Trend Change Level is 41764 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 42545 will act as a Intraday Trend Change Level.