As Discussed in Last Analysis We saw the impact of Mars Plannet and we saw the big fall in last few days. Till Bank Nifty is below 37335 we can see fall towards 36566. Fresh Swing Shorts can be taken below 37131 for a move towards 36886/36641/36396. Swing Longs only above 37376 for a move back to 37621/37866/38000. High made today was 37340 so bulls unable to cross that and low made was 36525 so we did the full target of 36566 so gann levels worked perfectly we formed Long Legged DOJI, Till Bank Nifty is below 37335 we can see fall towards 36566. Fresh Swing Shorts can be taken below 37131 for a move towards 36886/36641/36396. Swing Longs only above 37376 for a move back to 37621/37866/38000.
- Intraday time for reversal can be at 9:32/10:16/12:30/1:14/1:57/2:47 How to Find and Trade Intraday Reversal Times
- Bank Nifty Sep Future Open Interest Volume is at 19.4 lakh with liquidation of 0.19 Lakh, with increase in Cost of Carry suggesting SHORT positions were closed today.
- We are back to the tricky range of 37085-37249 BNF where Major OI was added in start of the series so bulls need to protect this range for upmove to come. Any close below 37045 can lead to big fall. Able to close above that range on EOD Basis. Globe is rallying before the key event of FOMC. Rain might be around. Have a rain coat with you.
- MAX Pain is at 37100 PCR has slightly increased from 0.91 to 0.93 so bulls are gaining ground.
- The Option Table data indicates decent support at 37000 and reasonable resistance at 38000.
- For Positional Traders Stay long till we are holding Trend Change Level 36762 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 37053 will act as a Intraday Trend Change Level.