As Discussed In Last Analysis 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.
“Sun ingress” is a term used in astrology to refer to the movement of the Sun into a new zodiac sign. This is believed to have an impact on financial markets and can cause market volatility. Bank Nifty price is taking multiple support at 4×3 gann angle any break of 42100 can lead to fall towards 41800-41600. Today Mercury Declination is at its Extreme and Sun moving in Tarus and tommrow we will have Solar Eclipse so time to be extremly cautious. First 15 Mins High and Low can be used by Traders to trade for the day.
An inside bar is a price pattern that occurs when the price of an asset is confined within the high and low range of the previous candlestick. In other words, the inside bar has a smaller trading range than the previous bar. This pattern shows that the market is consolidating, and there is indecision among buyers and sellers. When an inside bar pattern is formed, it can signal that a potential breakout is imminent.By using this strategy, traders can enter the market at a low-risk point and maximize their profits. The entry signal occurs when the price of the asset breaks out of the high or low range of the inside bar. Traders should enter a long position if the price breaks out above the high of the inside bar, and enter a short position if the price breaks out below the low of the inside bar. This entry signal provides a low-risk entry point, as traders can place their stop-loss orders just below the low of the inside bar for a long position or just above the high of the inside bar for a short position.
For Swing Traders Break of 42108 can see a fall towards 41921/41728/41534/41341 . Bulls will get active above 42500 for a move towards 42693/42887/43080
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 22.4 lakh, liquidation of 0.24 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 42200 and the put-call ratio (PCR) is at 1.01 . 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 41322. 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 42370 , Which Acts As An Intraday Trend Change Level.
Intraday Trading Levels:
Buy above 42323 with targets at 42472, 42666 and 42858 Bank Nifty Spot Levels)
Sell below 42225 with targets at 42108, 41920 and 41729 (Bank Nifty Spot Levels)
Wishing you good health and trading success as always.As always, prioritize your health and trade with caution.