Bank Nifty Analysis as RBI Holds Interest Rate

By | April 8, 2023 8:41 pm

As Discussed in Last Analysis The price has closed above the 50% mark and 1×1 Gann Angle , suggesting that Bank Nifty is in ‘buy on dips’ mode until it falls below 40769. Tomorrow, there is an important Planneatry aspect to consider, as discussed in the above video. Traders should note the first 15 minutes’ high and low to catch the trend for tomorrow’s intraday trading.

Price continue to make higher high and closed above 1×1 gann angle as shown in below chart , with RBI putting hold to Intrest Rate Hike, 11 April is important gann and astro date so should be watched very closely.



Price has continued to close above 50% point @ 40769, Till 40769 is held Bulls can rally towards 41614.


Swing traders can expect a potential move towards  41182 , or 41382 if the Bank Nifty trades above 40982 . However, if the Bank Nifty falls below 40781 , Bears may become more active, leading to a move towards 40581,40380,40180. — Bank Nifty has closed above 40982 now waiting for 41182 and 41382

Traders may watch out for potential intraday reversals at 9:15,11:16,12:44,1:46,2:23  How to Find and Trade Intraday Reversal Times

Bank Nifty April Futures Open Interest Volume stood at 23.6 lakh, addition of 0.84 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of longs positions 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 41300 strike, followed by the 41500 strike. On the put side, the 40800 strike has the highest OI, followed by the 40500 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 41000 and the put-call ratio (PCR) is at 0.89. 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 .

Trading requires discipline, humility, and a willingness to learn from others, and disrespecting the market would only result in the market not respecting him back.

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 40815 . 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 41223, Which Acts As An Intraday Trend Change Level.

Intraday Trading Levels:

Buy above 41112 with targets at 41226, 41381 and 41525 Bank Nifty Spot Levels)

Sell below 40930 with targets at 40844, 40689 and 40575 (Bank Nifty Spot Levels)

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

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