Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Bank Nifty Index Futures market by SHORTING 1883 contracts worth 225 crores, resulting in a increase of 2093 contracts in the Net Open Interest.
As Discussed in Last Analysis
Bank Nifty has formed DOJI /NR7 Pattern on Daily time frame and Jupiter 18 Uranus Aspect is also forming today so we can see good voltality in the Bank Nifty, Jupiter and Uranus both are Outer Plannet which bring trend chang and Jupiter has Impact on Banking stocks.
Bank Nifty has formed gravestone DOJI after the DOJI formed yesterday and also closed below yesterday low suggesting weakness has started creeping in.
We have discussed the importance of Jupiter 18 Uranus and Mars Square Jupiter Aspect in below video, we can see a trending move tommrow. Bank Nifty has also completed 108 Days from 14 Dec 2022 top so both astro and gann are combining can lead to big move.
For Swing Traders Bulls need to move above 44095 for a move towards 44216/44338/44459. Bears will get active below 43850 for a move towards 43730/43609/43407 — Waiting for 43609/43407/43487/43366
Traders may watch out for potential intraday reversals at 9:15,10:27,12:08,1:16,2:20 How to Find and Trade Intraday Reversal Times
Bank Nifty June Futures Open Interest Volume stood at 16.9lakh, addition of 3.2 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of SHORT 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 43700 and the put-call ratio (PCR) is at 1.02. 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 43475 . 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 43833 , Which Acts As An Intraday Trend Change Level.