Bank Nifty Analysis Before Karnataka Election Results

By | May 12, 2023 7:59 am

Foreign Institutional Investors (FIIs) displayed a Bearish  approach in the Bank Nifty Index Futures market by Selling 2325 contracts worth 257 crores, resulting in a increase of 2571 contracts in the Net Open Interest.

As discussed in Last Analysis 

We got a dip today in Bank Nifty which was again bought into, 42800 is very important level now. When trend is strong first 2 dips are bought into but the third dip genreally break the support and lead to bigger fall for trend change as per Gann Studies. Till Bank Nifty is Below 43588 which was 05 May High which was also Gann Date and Venus Ingress date every rise will get sold into.

Bank Nifty made an high at 43774 breaking the 08 May High of  43739 but failed to closed above 43500. This weekend, we have Mercury’s ingress and Mercury retrograde getting over, along with an important Jupiter-Uranus aspect. Additionally, we will receive the Karnataka election results on the weekend, so we may open with a gap on Monday. If you are carrying an overnight position, it’s advisable to hedge your position. With low volatlity market has become rangebound in intraday but with Mercury and JUpiter astro events we expect volatlity to increase in next week.




As per Multiple Astro Date Yesterday below is the Plan based on Intraday Ratio Indicator  

Bulls need to move above 43554 for a move towards 43758/43962/44151. Bears will get active below 43103 for a move towards 42899/42695/42470. — Bears were able to do 1 target on downside. Plan remains the same.

Both Long and SHort side 1 target done. No CHange in PLan.


Traders may watch out for potential intraday reversals at 9:15,10:19,12:12,12:49,2:05 How to Find and Trade Intraday Reversal Times

Bank Nifty May Futures Open Interest Volume stood at 23.2 lakh, addition of 1.5 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a addition of Long positions today.

Bank Nifty Advance Decline Ratio at 9:2 and Bank  Nifty Rollover Cost is @42773 and Rollover is at 75.8%

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. Price is has broken 43216

According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 43500 strike, followed by the 43800 strike. On the put side, the 43100 strike has the highest OI, followed by the 42800 strike. This indicates that market participants anticipate Bank Nifty to stay within the 43000-43500 range.

The Bank Nifty options chain shows that the maximum pain point is at 43200 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 .

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For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 43141 . 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 43510 , Which Acts As An Intraday Trend Change Level.

Intraday Trading Levels

Buy Above 43500 Tgt 43610, 43729 and 43898 (Nifty Spot Levels)

Sell Below 43342 Tgt 43225, 43131 and 43008 (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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