SENSEX Daily Gann Chart
Price bounced from 05 Nov time cycle and saw a good recovery.
SENSEX Daily Swing Chart
Price is near important supply zone of 85250-85300 as discussed in video based on multiple studies.
SENSEX Musical Level Chart
Traders who follow the musical octave trading path may find valuable insights in predicting Nifty’s movements. According to this path, SENSEX may follow a path of 80177-82562-84948 This means that traders can take a position and potentially ride the move as SENSEX moves through these levels.Of course, it’s important to keep in mind that trading is inherently risky and market movements can be unpredictable.
The Sensex options data reveals a market in a state of extreme bullish confidence, underscored by an exceptionally high Put-Call Ratio (PCR) of 1.61. This indicates that put open interest overwhelmingly surpasses call open interest, driven by aggressive put writing. This activity creates a powerful support structure, signaling that traders have minimal fear of a significant market decline.
The market’s center of gravity and key pivot is the 85,000 strike, which is the Max Pain level. The Open Interest chart confirms this, showing a formidable “Wall of Puts” at 85,000 and 84,500, solidifying this zone as a massive support floor.
With the spot price at 85,186, the bulls are in control, but face their primary challenge at the overhead resistance created by call writers.
Key Levels:
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Resistance: Immediate resistance lies at 85,500, with the ultimate ceiling for this expiry located at 86,000, which holds the highest concentration of Call OI.
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Support: Major support is firmly established at 85,000, with a secondary floor at 84,500.
The setup suggests a “buy on dips” environment, with the upside capped only by the major call resistance at 86,000.
SENSEX Trade Plan for Positional Trading
Key Levels for Positional Traders
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Bulls will take control above 85478 → Potential rally towards 85768/86058
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Bears will dominate below 84898 → Possible decline towards 84609/84319
SENSEX Intraday Time :
Traders may watch out for potential intraday reversals at 10:26.11:45,01:00,02:35 How to Find and Trade Intraday Reversal Times
SENSEX Expiry Range
Upper End of Expiry : 85834
Lower End of Expiry : 84765
SENSEX Intraday Trading Levels
Buy Above 85285 Tgt 85430, 85576 and 85721 ( SENSEX Spot Levels)
Sell Below 85139 Tgt 84994, 84849 and 84703 (SENSEX Spot Levels)
Wishing you good health and trading success as always.As always, prioritize your health and trade with caution.
As always, it’s essential to closely monitor market movements and make informed decisions based on a well-thought-out trading plan and risk management strategy. Market conditions can change rapidly, and it’s crucial to be adaptable and cautious in your approach.
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