As discussed in below video Mercury Ingress showed its impact first 15 mins low broken and bank nifty showed a decent fall, price is back to 37.5 % in sideways market price oscillates between 37.5-50-62.5 , If BUlls are able to protect 41200 we can see a decent pullback tommrow.
Bank Nifty Trade Plan as per NR21 Pattern, Bears did 2 target on downside. Bulls have chance only above 41678. Till Price below 41424 Bears have upper hand.
Intraday time for reversal can be at 9:28/11:24/12:29/1:08/2:32 How to Find and Trade Intraday Reversal Times
Bank Nifty Feb Future Open Interest Volume is at 24.5 lakh with addition of 1.99 Lakh contract , with increase in Cost of Carry suggesting Long positions were added today.
Though FII bought high amount of options in today – The volume is generally on the higher side negating the possibility of sideways movement
Bank Nifty Bulls now need to break 41824-41827 range for an explosive move on Upside. Bears need to make sure 41400 is not broken tommrow.
Maximum Call open interest of 122 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 41400 and PCR @1.04. 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 41300 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 41421 will act as a Intraday Trend Change Level.