Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Bank Nifty Index Futures market by SHORTING 2258 contracts worth 246 crores, resulting in a decrease of 21256 contracts in the Net Open Interest.
As Discussed in Last Analysis
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.
Bank Nifty saw a decline in morning but covered all in last hour of trade, Today we have North Node Aspect which leads to volatile move and weekly close also, Bulls would like to have close around 43900-43935 and bears below 43500.
Price has closed above 20 SMA on Daily time frame with Hammer formation. For Swing Traders Bulls need to move above 43731 for a move towards 43941/44151. Bears will get active below 43521 for a move towards 43311/43101
Traders may watch out for potential intraday reversals at 9:15,10:11,12:46,1:12,2:16 How to Find and Trade Intraday Reversal Times
Bank Nifty June Futures Open Interest Volume stood at 20.6 lakh, addition of 3.6 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 @43908 and Rollover is at 72.2%
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 43796 . 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 43636, Which Acts As An Intraday Trend Change Level.
Hi
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