Will Bayer Rule 6 leads to Rally in Bank Nifty ?

By | November 23, 2021 10:17 pm
  • As Discussed in Last Analysis   All Bearish target done as Astro showed its effect as discussed in below video and now today we have touched quaterly pivot of 36655 and 100 DMA also. Also as we have 3 aspect today todays low will be very significant. Bulls need to move above 37235 for a move towards 37448/37666/37831/38025. Bears will get active below 37001 for a move towards 36864/36481/36225. Bank nifty made a double bottom and saw a decent rally and bulls once above 37235 did our 1 target of 37448, High made today was exactly 37448 :). Today Important bayers rule got activated which is Bayer Rule 6: The price is in bottom when Mars was in 16 degrees 35 minutes of some sign and plus 30 degrees. So once we move above todays high 37450 rally can contiue till 37598/37743/37924. Bears will get active below 37040 for a move towards 36797/36647/36500. 

  • BANK NIFTY is extremely pessimistic -so be prepared for a short term bounce above todays high I do not recommend buying of options at this moment, because the volatality and hence the premium of options is very high. So, it is difficult to make money even if the market moves in our expected direction. Deal with futures or option writing for some days. If it is a must that you have to only deal with buying of options then resort to day trading. 🙂
  • Bank Nifty Nov Future Open Interest Volume is at 18 lakh with liquidation of 1.6 Lakh contract , with decrease in Cost of Carry suggesting  LONG positions were closed today.
  • MAX Pain is at 37500 and PCR is in the neutral zone of 0.93
  • The Option Table data indicates decent support at 36500 and reasonable resistance at 37500
  • For Positional Traders Stay short till we are below Trend Change Level 37519 on Futures and go long above it That will help you stay on the side of Institutions and which has a greater risk-reward ratio. For Intraday Traders 37166 will act as a Intraday Trend Change Level. 

Buy Above 37368 Tgt 37465, 37562 and 37659 (Bank Nifty Spot Levels)

Sell Below 37175 Tgt 37079, 36983 and 36887 (Bank Nifty Spot Levels)

As always I wish you maximum health and trading success

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