2023 Hybrid Solar Eclipse : Bank Nifty forms Narrow Range 7

By | April 20, 2023 8:43 pm

As Discussed In Last Analysis   A hybrid solar eclipse occurs when the moon passes directly between the earth and the sun, but the size of the moon is not large enough to completely block out the sun. As a result, some parts of the earth will experience a total solar eclipse, while others will see an annular solar eclipse. Solar eclipses have been known to have a significant impact on the stock market. Studies have shown that the stock market tends to be volatile during the weeks leading up to and following a solar eclipse. In the past, some major stock market crashes have occurred within a year of a solar eclipse. Price is back to 4×4 angle suport and holding 42000. Last Hybrid SOlar Eclpise happened on 03 Nov 2013, Bank Nifty topped out on 05 Nov and saw a decline.

Bank Nifty continue to holds its 4×3 gann angle and also formed NR7 pattern today. Today High and Low are important as its Solar Eclipse today.ICICI Bank Results will come on Weekend so Bank Nifty can see breakout or breakdown by Monday in Gap so carry hedges.

 

 

 

The Narrow Range 7 (NR7) trade setup is a popular strategy used by traders to identify potential breakouts in the market. The NR7 pattern occurs when the range of the current trading day is smaller than the previous six trading days. This suggests that there is a decrease in volatility and that the market may be preparing for a significant move.

To execute an NR7 trade setup, traders will typically wait for a breakout above or below the narrow range of the seventh day. If the breakout is to the upside, traders will go long and if the breakout is to the downside, they will go short. Traders will often use stop-loss orders to minimize risk and exit the trade if the market moves against them.

For Swing Traders Break of 42108 can see a fall towards 41974/41839/41704/41570 . Bulls will get active above 42378 for a move towards 42512/42647/42782

Traders may watch out for potential intraday reversals at 9:15,9:55,11:00,12:10,1:31 How to Find and Trade Intraday Reversal Times

Bank Nifty April Futures Open Interest Volume stood at 23.9 lakh, addition of 0.73 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a addition of SHort 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 42000 strike has the highest OI, followed by the 41500 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 0.97 . 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 41462 . 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 42259, Which Acts As An Intraday Trend Change Level.

Intraday Trading Levels:

Buy above 42300 with targets at 42412, 42521 and 42666 Bank Nifty Spot Levels)

Sell below 42108 with targets at 41982 , 41856 and 41729 (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

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.

Leave a Reply