Bank Nifty Weekly Expiry Analysis for March 23: Expert Insights and Strategies

By | March 23, 2023 8:42 am

As Discussed in Last Analysis  

Astrology and Gann cycles are two different approaches to analyzing the stock market, but they are not mutually exclusive. In fact, there is a significant overlap between the two, and many traders use both approaches to make trading decisions. As we have discused below video as both astro and gann cycle combined we got the big move. Now we need a close above 40108 for rally to continue further towards 40555. We have FOMC meet tonight so carry overnight positions with Hedge.

Yesterday, the Bank Nifty formed an NR7 pattern, and today is the Pluto Ingress, which is occurring almost after 10 years. The price is forming higher highs until yesterday’s low of 39837, which is held, indicating an upward trend.


Astro Plan based on Bayers Rule Swing traders can expect a potential move towards 39797, 40082, or 40367 if the Bank Nifty trades above 39512. However, if the Bank Nifty falls below 39841 , Bears may become more active, leading to a move towards 38656,38371,38086. —  Now waiting for target of 40367,40652 till Bank Nifty is above 39797

Traders may watch out for potential intraday reversals at 9:15,10:52,11:47,1:39, 2:05, 2:52. How to Find and Trade Intraday Reversal Times

Bank Nifty March Futures Open Interest Volume stood at 23.4 lakh, witnessing a liquidation of 2.4 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a closure of Short positions and addition of longs today.

Traders who follow the musical octave trading path may find valuable insights in predicting Bank Nifty’s movements. According to this path, Bank Nifty may follow a path of 38227-39332-40502-41672. This means that traders can take a position and potentially ride the move as Bank Nifty moves through these levels.

Of course, it’s important to keep in mind that trading is inherently risky and market movements can be unpredictable.

According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 4000 strike, followed by the 40300 strike. On the put side, the 39800  strike has the highest OI, followed by the 39500 strike. This indicates that market participants anticipate Bank Nifty to stay within the39500-40000 range.

The Bank Nifty options chain shows that the maximum pain point is at 39900 and the put-call ratio (PCR) is at 0.96 . Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound. PCR is on extreme end suggesting we can see sharp reversal .

After a Trading Loss Whatever the cause, the best solution is just to move on to the next trade with a clear mind and in good spirits.

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 40362 . 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 40083 , Which Acts As An Intraday Trend Change Level.

Intraday Trading Levels:

Buy above 40008 with targets at 40110, 40222 and 40358 (Bank Nifty Spot Levels)

Sell below 39961 with targets at 39862, 39729 and 39610 (Bank Nifty Spot Levels)

Upper End of Expiry : 40430

Lower End of Expiry : 39808

Wishing you good health and trading success as always.As always, prioritize your health and trade with caution.

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