As Discussed In Last Analysis 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.
Mercury Retrograde happened on 21 April and it generally leads to trend change, Monday we will react to ICICI BANK Earnings .Levels are shared below.
ICICI Bank Levels
Bearish Below 882 for a move towards 857
Bullish above 908 for a move towards 935
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 41962 can see a fall towards 41752/41542/41332 . Bulls will get active above 42382 for a move towards 42592/42801/43011
Traders may watch out for potential intraday reversals at 9:15,9:55,10:55,12:01,1:31 How to Find and Trade Intraday Reversal Times
Bank Nifty April Futures Open Interest Volume stood at 22.7 lakh, liquidation of 0.94 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 42000 and the put-call ratio (PCR) is at 1.07 . 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 .
The successful speculator bases NO moves on what supposedly will happen, but reacts instead to what does happen.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 41513 . 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 42178, 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.