We saw positive move in Bank Nifty and price has closed above 2 days High,Price now need to close above 42674 for a positive traction to take place next week, We are completing mercury retrograde today so till we are holding 42000 on closing basis Price can move on upside at 42674.
“Bayer Rule 15: VENUS HELIOCENTRIC LATITUDE AT EXTREME AND LEAST SPEEDS FOR MAJOR MOVES Imp Rule” will come inffect today,watch for first 15 mins High and Low to trade for intraday,
For Swing Traders Bulls need to move above 42385 for a move towards 42588/42792/42996. Bears will get active below 41977 for a move towards 41773/41569.
Intraday time for reversal can be at 9:15/10:30/11:02/1:49/2:19 How to Find and Trade Intraday Reversal Times
Bank Nifty Jan Future Open Interest Volume is at 21.4 lakh with liquidation of 0.21 Lakh contract , with increase in Cost of Carry suggesting Long positions were added today.
Bank Nifty Rollover cost @42890 and Rollover % @80.4 Closed below it,
Bank Nifty Bulls now need to hold 41861 and close above 42684-42770 range for trend to change.
Maximum Call open interest of 35 lakh contracts was seen at 42500 strike, which will act as a crucial resistance level and Maximum PUT open interest of 28 Lakh contracts was seen at 42000 strike, which will act as a crucial Support level.
MAX Pain is at 42000 and PCR @0.91 . Markets tend be range-bound when PCR OI (Open Interest) ranges between 0.90 and 1.05.
One of the reason why beginners trader blow up their trading account and have to leave trading forever is that they are extremely undercapitalized. They are forced out due to market noise
For Positional Traders Trend Change Level is 42770 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 42491 will act as a Intraday Trend Change Level.