Bank Nifty Analysis as Mercury Turns Direct

By | June 3, 2022 8:04 am

As Discussed in Last Analysis  Last Expiry High was 35309 and Today we made low of  35285 and closed above 35526 also, Plan remains the same Swing Traders Longs above 35513 for a move towards 35703/35893/36083. Bears will get active below 35280 for a move towards 35133/34944/34754. Today we did not got the big move so tommrow we should see explosive expiry. Low made was 35385 so bears unable to break 35280 and Bulls once above 35513 unable to any target but with gap up will do atleast 2 target on upside. Now today Mecury Turns Direct and with 300+ gap up opening most of move will be captured in gap up thats why Swing levels are so important. Swing Traders Longs above 35852 for a move towards 36040/36228/36416. Bears will get active below 35513 for a move towards 35323/35133/34944. Bank NIfty has formed InsideBar and NR21 today suggesting explosive move will be seen.

 

Intraday time for reversal can be at  10:36/11:29/12/1:33/2:10 How to Find and Trade Intraday Reversal Times

Bank Nifty May Future Open Interest Volume is at 23.3 lakh with addition of  0.54 Lakh contract , with increase in Cost of Carry suggesting  Long positions were closed today.

Bank Nifty rollover cost @ 34598 and Rollover @79.5 % Closed above it. Bank Nifty BUlls need to protect 35277 on Bank Nifty Futures tommrow. Low made 35290.

Maximum Call open interest of 13 lakh contracts was seen at 36000 strike, which will act as a crucial resistance level and Maximum PUT open interest of 9 lakh contracts was seen at 35500 strike, which will act as a crucial Support level

MAX Pain is at 35500 and PCR @0.86 . PCR below 0.9 and above 1.3 lead to trending moves, and in between leads to range bound markets. So, after all the mayhem, we are probably returning to sanity is what is indicated by the rising PCR.

#BANKNIFTY closed above #gann Monthly TC Level of 35034 upmove can last till 35574/35758/35984/36179/36641 Any close below 35000 can lead to quick fall towards 34491. Today TSL got triggred.  Now 35526 should be focussed as above and below it we can easily get 500-1000 points move.

There is only 1 final top and 1 final bottom Shorting top everyday or buying bottom everyday is the road to ruin.

For Positional Traders Trend Change Level is 35556 on Futures and 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 35610 will act as a Intraday Trend Change Level. 

Buy Above 35700 Tgt 35831, 35999 and 35225 (Bank Nifty Spot Levels)

Sell Below 35525 Tgt 35350, 35175 and 34920 (Bank Nifty Spot Levels)

As always I wish you maximum health and trading success

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