BANK Nifty EOD Analysis for 24 Jan

By | January 23, 2023 8:58 pm

Bank Nifty finally did a breakout and close above 42769 suggesting we can see a breakout Uranus is outer plannet and lead to trend change. Bulls need to move above 42954 for a move towards 43158/43363. Bears will get active below 42750 for a move towarrds 42546/42341/43137.

 

Bank Nifty did the NR21 target.

Intraday time for reversal can be at  9:21/10:38/11:05/12:47/2:18  How to Find and Trade Intraday Reversal Times

Bank Nifty Jan Future Open Interest Volume is at 12.7 lakh with liquidation of 2.7 Lakh contract , with increase in Cost of Carry suggesting Long positions were closed today.

Bank Nifty Rollover cost @42890 and Rollover % @80.4 Closed below it,

Bank Nifty Bulls now need to hold 42764 for trend to remain buy on Dips and Rally till 43412

 

Bank Nifty as per musical octave trading path can be  42582-42996-43412 take the side and ride the move !!

Maximum Call open interest of 46 lakh contracts was seen at 43000 strike, which will act as a crucial resistance level and Maximum PUT open interest of 18 Lakh contracts was seen at 42500 strike, which will act as a crucial Support level.

MAX Pain is at 42800 and PCR @0.87. Markets tend be range-bound when PCR OI (Open Interest) ranges between 0.90 and 1.05. 

Review the last week’s entries in your trading journal. Count the number of positive, encouraging phrases in your writings and the number of negative, critical ones. If the ratio of positive to negative messages is less than one, you know you aren’t sustaining a healthy relationship with your inner coach. And if you’re not keeping a journal, your coach is silent. What sort of relationship is that?

For Positional Traders Trend Change Level is 42700 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 42873 will act as a Intraday Trend Change Level.

Intraday Trading Levels

Buy Above 42866 Tgt 42975, 43129 and 43253 (Bank Nifty Spot Levels)

Sell Below 42666  Tgt 42555, 42444 and 42333 (Bank Nifty Spot Levels)

As always I wish you maximum health and trading success

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