Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Bank Nifty Index Futures market by SHORTING 498 contracts worth 53 crores, resulting in a increase of 482 contracts in the Net Open Interest.
As Discussed in Last Analysis
Bayer Rule 2: Trend goes down within 3 days when the speed difference between Mars and Mercury is 59 minutes. Leads to Big Move watch for 15 mins High and Low to capture trend for the day.
A double ingress refers to the occurrence when two planets change their zodiac signs simultaneously. This alignment can have astrological implications and is often believed to influence various aspects of life, including financial markets.In astrology, planetary movements are considered to have a profound impact on human behavior and events. When two planets experience a double ingress, their combined energies and influences can create a unique configuration that may affect the overall market sentiment and specifically impact sectors such as banking. Last time we had Double Ingress on 20 May but Price continues to remain range boud so hopefully this DOuble Ingress shows Explosive move as price is near 4×3 Gann Angle also.
Mercury is moving in Gemni and Pluto in Capricon on 11 JUne and Rahu in Aries on 12 June suggesting we are going to see an explosive move in Bank Nifty. Bank Nifty has also formed an Inside Bar pattern after an Outside Bar pattern on Thursday and Prices are taking support at 20 SMA.
Trade Plan as per Inside Bar Bulls will get active above 44225 for a move towards 44363/44507/44651 Bears will get active below 43900 for a move towards 43788/43645/43501
Traders may watch out for potential intraday reversals at 9:16,11:11,12:06,1:36/2:02 How to Find and Trade Intraday Reversal Times
Bank Nifty June Futures Open Interest Volume stood at 23.7 lakh, liquidation of 0.27 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a covering 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%
Major Support for Bank Nifty us at 43987 which is 20 SMA, This is 3 time bank nifty is touching its 20 SMA if it break this with gap down we are heading towards 50 SMA. @42871
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 — 44464 done
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 44000 strike. This indicates that market participants anticipate Bank Nifty to stay within the 43500-44000 range.
The Bank Nifty options chain shows that the maximum pain point is at 44000 and the put-call ratio (PCR) is at 0.81.11. 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 .
Don’t overtrade. It’s tempting to trade frequently, but this can lead to losses. It’s better to trade less and focus on making high-quality trades.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 44185 . 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 44184, Which Acts As An Intraday Trend Change Level.
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