Bank Nifty has formed Multiple Doji near 50% Point as shown below, WIth Overhang of RBI Policy over any move above 41744-41785 can lead to fast move towards 42000/42377. Jupiter Opposition Moon aspect tommrow so bank nifty can see decent move first 15 mins High and low will guide for the day.
Bank Nifty Trade Plan as per Bayers Date, For Swing Traders Bulls will get active above 41744 for a move towards 41934/42189/42411/42587. Bears will get active below 41240 for a move towards 41050/40795/40573.
Intraday time for reversal can be at 9:15/9:48/11:13/11:49/1:23/2:25 How to Find and Trade Intraday Reversal Times
Bank Nifty Feb Future Open Interest Volume is at 24.2 lakh with addition of 0.47 Lakh contract , with increase in Cost of Carry suggesting Long positions were added today.
Bank Nifty Rollover cost @42742 and Rollover % @77 Closed below it,
Bank Nifty Bulls now need to break 41832-41846 range for an explosive move on Upside.
Maximum Call open interest of 22 lakh contracts was seen at 41800 strike, which will act as a crucial resistance level and Maximum PUT open interest of 27 Lakh contracts was seen at 41000 strike, which will act as a crucial Support level.
MAX Pain is at 41500 and PCR @1.03. Markets tend be range-bound when PCR OI (Open Interest) ranges between 0.90 and 1.05.
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For Positional Traders Trend Change Level is 41228 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 41691 will act as a Intraday Trend Change Level.