As Discussed in Last Analysis 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.
Another side way day with Weekly candel forming another DOJI, and daily time frame forming Narrow Range 7 pattern ie. Bank Nifty range is lowest in last 7 trading session. Explosive move is coming Keep ICICI Bank on Watchlist , it will only lead to big move in bank nifty. Weekend Mercury Ingress is happening as Mercury is moving in Aquarius so next 2 days impact will be shown.
Bank Nifty Trade Plan as per NR7 Pattern, For Swing Traders Bulls will get active above 41634 for a move towards 41824/42015/42205/42396. Bears will get active below 41252 for a move towards 41062/40871/40681/40490
Intraday time for reversal can be at 9:23/11:14/1:21/2:30 How to Find and Trade Intraday Reversal Times
Bank Nifty Feb Future Open Interest Volume is at 24.2 lakh with addition of .011 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 41824-41827 range for an explosive move on Upside.
Maximum Call open interest of 12 lakh contracts was seen at 42000 strike, which will act as a crucial resistance level and Maximum PUT open interest of 17 Lakh contracts was seen at 41000 strike, which will act as a crucial Support level.
MAX Pain is at 41500 and PCR @0.85. Markets tend be range-bound when PCR OI (Open Interest) ranges between 0.90 and 1.05.
Those who succeed big at anything all have the same attitude: You keep going until it happens or you die trying. Quitting is not an option.
For Positional Traders Trend Change Level is 41257 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 41547 will act as a Intraday Trend Change Level.