Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Bank Nifty Index Futures market by Shorting 5717 contracts worth 637 crores, resulting in a increase of 2653 contracts in the Net Open Interest.
Bank Nifty has formed an Inside Bar Pattern,Today being double ingress astro date today high and low will guide for the week. Trade Plan as shown below
For Swing Traders Bulls need to move above 44048 for a move towards 44219/44390/44561. Bears will get active below 43662 for a move towards 43491/43320/43149.
Traders may watch out for potential intraday reversals at 9:15,10:40,11:22,1:23,2:28 How to Find and Trade Intraday Reversal Times
Bank Nifty May Futures Open Interest Volume stood at 19.8 lakh, liquidation of 0.14 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a closure of LONG positions today.
Bank Nifty Advance Decline Ratio at 5:7 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 44000 strike, followed by the 44500 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 43800 and the put-call ratio (PCR) is at 0.95. 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 .
Remember, the first item on the agenda for a beginner is to learn how to trade, not to make money. Once you’ve learned to trade, money will follow.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 43423 . 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 43869 , Which Acts As An Intraday Trend Change Level.