Has Bank Nifty Formed Short Top ?

By | April 17, 2023 8:42 pm

Bank Nifty continue to make Higher High with Help of PSU’s Bank support but today we have seen Open = High on Daily Time Frame. The Open High strategy is straightforward and easy to understand, making it suitable for both novice and experienced traders. It does not require complex technical indicators or extensive analysis, making it a convenient option for those who prefer a simple approach to trading.

If We see Open = High on Higher time frame its more powerful, Like Nifty Made Open = High on Dec Month and we  saw a decent fall.  Bank Nifty has almost rallied 3990 points from 16 March Low and we are approaching the Semi Annual Pivot of 42679 level from which Bank Nifty has corrected last time also.  With Multiple Astro Date today as discussed in below video today High and Low are very crucial for the whole week. With Solar Eclipse approaching its time to be extra cautious as it generally have negative implication.

For Swing Traders Break of 42190 can see a fall towards 41984/41777/41571. Bulls will get active above 42412 for a move towards 42616/42821/43025.

Traders may watch out for potential intraday reversals at 9:20,9:51,11:06,12:23,1:53 How to Find and Trade Intraday Reversal Times

Bank Nifty April Futures Open Interest Volume stood at 22.7 lakh, addition of 0.35 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closure 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 40789-41967-43216 . 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 42500 strike, followed by the 43000 strike. On the put side, the 41000 strike has the highest OI, followed by the 40500 strike. This indicates that market participants anticipate Bank Nifty to stay within the   41800-41300 range.

The Bank Nifty options chain shows that the maximum pain point is at 42100 and the put-call ratio (PCR) is at 0.91 . 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 discipline” comes from modifying one’s behaviour in a desired direction and overcoming the mental resistance and fear that generally get in the way.

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 41217 . 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 42180 , Which Acts As An Intraday Trend Change Level.

Intraday Trading Levels:

Buy above 42293 with targets at 42397, 42500 and 42603 Bank Nifty Spot Levels)

Sell below 42190 with targets at 42087, 41984 and 41881 (Bank Nifty Spot Levels)

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

Category: Bank Nifty Bank Nifty Astrology

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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