Bank Nifty saw a correction today as prices came down to touch the Gann angle 4×3 line. With the weekly close approaching, a price close around 41400-41420 would be best for next week. This is due to the upcoming “Bayer Rule 15: Venus Heliocentric Latitude at Extreme and Least Speeds for Major Moves” effect on Monday. While financial markets are complex, observing technical analysis tools like the Gann angle and financial astrology theories like Bayer Rule 15 can provide insights into potential market movements.
Swing traders can expect a potential move towards 41569, 41774, or 41979 if the Bank Nifty trades above 41364 . However, if the Bank Nifty falls below 41159, Bears may become more active, leading to a move towards 40954,40749,40544.
Traders may watch out for potential intraday reversals at 09:54,11:37, 12:12, 1:09, and 2:28. How to Find and Trade Intraday Reversal Times
Bank Nifty March Futures Open Interest Volume stood at 22.9 lakh, witnessing a liquidation of 0.6 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a closure of long positions today.
The Bank Nifty Rollover cost currently stands at 40733, and once this level was crossed, it triggered a significant rally
The price is once again got rejected from the crucial 50 SMA Level at 41620, and this level will be crucial on Friday.
Bank Nifty’s price is approaching the 37.50% point at 41194 trend remains sideways, Above 50%Point 41785 may trigger a new trend in the market.
According to the musical octave trading path, Bank Nifty may follow the path of 41024-41430-41883, so traders should take a position and ride the move.
According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 41800 strike, followed by the 42000 strike. On the put side, the 41300 strike has the highest OI, followed by the 41000 strike. This indicates that market participants anticipate Bank Nifty to stay within the 41000-42000 range.
The Bank Nifty options chain shows that the maximum pain point is at 41300 and the put-call ratio (PCR) is at 1.04. Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound. This suggests that Bank Nifty may trade within a range of 41000-42000 levels in the near term
To outperform the market and to succeed in trading, a trader needs to take charge of his emotions. To start off, he requires a patient and confident mind.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 40888 . Going Long Or Short Above Or Below This Level Can Help Them Stay On The Same Side As Institutions, With A Higher Risk-reward Ratio. Intraday Traders Can Keep An Eye On 41556 , Which Acts As An Intraday Trend Change Level.
Intraday Trading Levels:
Buy above 41315 with targets at 41432, 41541, and 41729 (Bank Nifty Spot Levels)
Sell below 41200 with targets at 41090, 40930 , and 40729 (Bank Nifty Spot Levels)
Wishing you good health and trading success as always.As always, prioritize your health and trade with caution.