As Discussed in Last Analysis High made was 37328 so bears protected 37335 and were rewarded as low made was 36886 almost 2 target done. Now Bears need to break 36864 for a move towards 36610/36428/36300. Bulls will get active above 37110 for a quick move towards 37220/37444.Hope all of you had safe trading,We saw the impact of Astro dates today as soon as 22 High broken 37238 Bulls had field day and did all targets on upside. Now Bulls need to move above 37909 for a move towards 38150/38300/38500. Bears will get active below 37600 for a move towards 37381/37150.
- Intraday time for reversal can be at 9:15/10:06/11:56/12:46/1:51/2:38 How to Find and Trade Intraday Reversal Times
- Bank Nifty Sep Future Open Interest Volume is at 17.2 lakh with liquidation of 2.9 Lakh, with decrease in Cost of Carry suggesting SHORT positions were closed today, so rally was induced by short covering. Short covering leads to a price rise. But, it weakens the market internally. So, is market structure weakening? We will know in the next 2 days.
- We are living in an insane world – Fed confirm Taper is ON that might stop the printing press – And we rally on Bad news. So, dont be surprised if markets appear irrational. It is always the minority which wins in the markets. So, be open for possibilities if you want to be a consistently profitable trader.
- MAX Pain is at 37500 PCR has decreased from 0.99 to 0.91 suggesting its was a short covering rally today.
- The Option Table data indicates decent support at 37500 and reasonable resistance at 38500.
- For Positional Traders Stay long till we are holding Trend Change Level 36828 and stay short below it. That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 37674 will act as a Intraday Trend Change Level.