Bank Nifty Makes All Time High,EOD Analysis

Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Bank Nifty Index Futures market by Selling 221 contracts worth 23 crores, resulting in a increase of 3413 contracts in the Net Open Interest.

The last Karnataka Election Results were declared on May 15, 2015, and the BJP emerged as the winner. However, during that time, Nifty formed a Gravestone DOJI pattern and went through a short-term correction. It remains to be seen whether history will repeat itself. As of now, Bank Nifty has completed 101 days from its top on December 14, 2022, and Monday will also mark the end of Mercury Retrograde, as discussed in the video below. The high and low of the first 15 minutes will provide guidance for the day.Bank Nifty has also completed 7 week of rise from Mar 20 Low on Weekly time frame. 7 is important number as per gann studies.

Bank Nifty made a fresh all time high today, All Karnataka Election Talk took a back seat and price contiune to move higher unabated, Price made a bottom on first 15 mins and saw a rally as we have dicussed. Tommrow HDFC and HDFC Bank will go ex-divident and JUpiter is going ingress.

Tommrow we can see selling in HDFC twins as traders who bought for dividend will try to book profits, Again watch for first 15 mins High and Low to get to know the trend of the day.

Lot of traders are looking for reversal but wait for price to give a confirmation there is no point in shorting a raging bull market.

Today HIgh in Bank Nifty can act as a DOuble top provided we are unable to break this for this whole week, Gann has given lot of importance to double top and bottom.

For Swing Traders Bulls need to move above 44180 for a move towards 44388/44597. Bears will get active below 43972 for a move towards 43764/43556/43347.

Traders may watch out for potential intraday reversals at 9:48,10:24,11:20,12:09,1:50,2:55 How to Find and Trade Intraday Reversal Times

Bank Nifty May Futures Open Interest Volume stood at 23.2 lakh, addition of 0.79 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a closure of SHort positions today.

Bank Nifty Advance Decline Ratio at 12:0 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 Heading towards 44464

According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 44500 strike, followed by the 45000 strike. On the put side, the 43500 strike has the highest OI, followed by the 43000 strike. This indicates that market participants anticipate Bank Nifty to stay within the 43000-44000 range.

The Bank Nifty options chain shows that the maximum pain point is at 43900 and the put-call ratio (PCR) is at 0.83. 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 .

When in trade mind will always get distracted with news/views but as a Traders we need to remain in now moment to be profitable.

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 43246. 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 43923, Which Acts As An Intraday Trend Change Level.