As Discussed first 15 mins low was broken and bank nifty had a decent fall, North Node showed its impact.Bank Nifty has strong support in range of 43144-43185, if tommrow we open gap down look for this range for support.
Bank Nifty has fallen for 3 days in a row and 1072 points in total, price has just stopped at 20 DMA, and we have important astro/gann date coming on 19-20 Dec so trade cautiously as next week we will see atleast 1000 points move in Bank Nifty.
Swing Plan Bulls need to move above 43311 for a move towards 43521/43731/43941 . Bears will get active below 43101 for a move towards 42891/42680/42470
Intraday time for reversal can be at 9:36/10:40/11:25/12:45/1:58/2:34 How to Find and Trade Intraday Reversal Times
Bank Nifty Dec Future Open Interest Volume is at 25.6 lakh with liquidation of 2.3 Lakh contract , with decrease in Cost of Carry suggesting Long positions were closed today.
Bank Nifty Rollover cost @42828 and Rollover % @81.3 Closed above it, Bank NIfty Future is in premium has reduced towards 67 points.
Till Bank Nifty is below 43537 on closing basis Bears will have upper hand.
Maximum Call open interest of 30 lakh contracts was seen at 44000 strike, which will act as a crucial resistance level and Maximum PUT open interest of36 lakh contracts was seen at 43000 strike, which will act as a crucial Support level.
MAX Pain is at 43000 and PCR @0.85 . PCR below 0.95 and above 1.3 lead to trending moves, and in between leads to range bound markets.
We Must Realize That The Market Defies Logic. It Has A Logic All Its Own, And It Won’t Tell Us In Advance What Its Reaction To Events Will Be. We Can Watch For Clues And Then React.
For Positional Traders Trend Change Level is 43539 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 43366 will act as a Intraday Trend Change Level.