Price saw a similar Price action like last year as both Gann and Astro Date confluenced correction in first half and full recvery in 2 half, Today if price move above 43456-43484 than late shorts which entered yesterday could lead to big short covering. Jupiter has important role to play in Banking and like discuused in below video its leads to big move. Also price has taken support at gann angle for 2 days in row. Also we have Gann Rule In a highly uptrending market weekly low is achieved on Tuesday.
Today we have following Astro Events
- Sun Ingress
- Jupiter Square Sun
- Mercury at Greatest Elong: 20.1°E
- Bayer Rule 27: Big tops and big major bottoms are when Mercury’s speed in Geocentric longitude is 59 minutes or 1 degree 58 minutes
First 15 mins High and Low will guide for the day for Intraday Traders.
Plan worked perfectly Bank Nifty opened gap up broke 15 mins high and there was no looking back, For Swing traders its been diffcult days but if market gives money it has to take some also.As trader we cannot be prisoners of our own view, we need to change as price action changes and follow rules. Fall has been brutal in bank nifty and we are approaching 41840 important zone of support. Every year around 20-21 Dec We see this kind of fall. On Upside 42741-42865 is important supply zone.
Swing Plan Based on Atro Date Bulls need to move above 43484 for a move towards 43742/43918/44093 . Bears will get active below 42933 for a move towards 42639/42462/42228. — Almost 2 target done. Now for Tommrow Bulls need to move above 42779 for a move towards 42988/43197/43405. Bears will get active below 42570 for a move towards 42361/42152/41943.
Intraday time for reversal can be at 9:24/10:29/11:21/12:34/2/2:59 How to Find and Trade Intraday Reversal Times
Bank Nifty Dec Future Open Interest Volume is at 23.7 lakh with liquidation of 1.4 Lakh contract , with decrease in Cost of Carry suggesting Short positions were closed today.
Bank Nifty Rollover cost @42828 and Rollover % @81.3 Closed below it,
Till Bank Nifty is below 42826 on closing basis Bears will have upper hand.
Maximum Call open interest of 45 lakh contracts was seen at 43000 strike, which will act as a crucial resistance level and Maximum PUT open interest of 50 lakh contracts was seen at2500 strike, which will act as a crucial Support level.
MAX Pain is at 42800 and PCR @0.42 . Markets tend be range-bound when PCR OI (Open Interest) ranges between 0.90 and 1.05. PCR is very Weak for Bank Nifty
To perform well in the markets you need more than just skills, knowledge and a strategy with an edge or some competitive advantage. You need to have a mindset that is resilient, that allows you to take risk, navigate uncertainty, manage the pressures and stresses of the trading environment and its results orientation.
For Positional Traders Trend Change Level is 43500 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 43132 will act as a Intraday Trend Change Level.