As discussed in last analysis Bank Nifty bounced from 37.5 % Gann Retracement and coming to crucial range of 41678-41785 which need to be watched closely. Also we have closed above Mercury Ingress High. Bank Nifty saw decent rally might be the way which causes maximum pain to maximum participants. Let us look forward.
We have important astro events happening tommrow as discussed below and bank nifty is back to 50% point so be ready for big move. Tommrow being Weekly Expiry Settlement generally happens which cause pain to most of the crowd. Last Expiry close was 41554 till above this BUlls have upper hand.
Bank Nifty Trade Plan as per NR21 Pattern, Bulls have upper hand till above 41678 did 41805 now waiting for higher target.
Intraday time for reversal can be at 9:31/10:39/11:11/12:27/2:15/3:03 How to Find and Trade Intraday Reversal Times
Bank Nifty Feb Future Open Interest Volume is at 22.5 lakh with addition of 0.15 Lakh contract , with decrease in Cost of Carry suggesting Long positions were added today.
Bank Nifty Bulls now need to break 41767-41795 range for an explosive move on Upside. Bears need to break 41468.
Maximum Call open interest of 32 lakh contracts was seen at 42000 strike, which will act as a crucial resistance level and Maximum PUT open interest of 20 Lakh contracts was seen at 41300 strike, which will act as a crucial Support level.
MAX Pain is at 41600 and PCR @0.92. Markets tend be range-bound when PCR OI (Open Interest) ranges between 0.90 and 1.05.
Trade price action not opinions. Be quick to cut losses and patient to ride winners. Getting stuck on what you think should happen could be fatal when the market disagrees with you.
For Positional Traders Trend Change Level is 41340 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 41657 will act as a Intraday Trend Change Level.