Another low volume day in Bank Nifty. “Bayer Rule 15: VENUS HELIOCENTRIC LATITUDE AT EXTREME AND LEAST SPEEDS FOR MAJOR MOVES Imp Rule”should add mometum.
Another sideways day and low volume tommrow Jupiter is going Direct so we can see range expnasion in Bank NIfty.
For Swing Trade Bulls need to move above 42408 for a move towards 42613/42818/43024 . Bears will get active below 42209 for a move towards 42003/41796/41590. Close above 42408 waiting for 42613/42818/43024
Intraday time for reversal can be at 10:02/11:43/12:53/1:53/2:25 How to Find and Trade Intraday Reversal Times
Bank Nifty Nov Future Open Interest Volume is at 19.1 lakh with liquidation of 2.3 Lakh contract , with increase in Cost of Carry suggesting Long positions were closed today.
Till Bank Nifty is above 42345 on closing basis Bulls will have upper hand.
Maximum Call open interest of 42 lakh contracts was seen at 43000 strike, which will act as a crucial resistance level and Maximum PUT open interest of 44 lakh contracts was seen at 42000 strike, which will act as a crucial Support level.
MAX Pain is at 42500 and PCR @0.92 . PCR below 0.95 and above 1.3 lead to trending moves, and in between leads to range bound markets.
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For Positional Traders Trend Change Level is 41914 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 42434 will act as a Intraday Trend Change Level.