Foreign Institutional Investors (FIIs) displayed a Bullish approach in the Bank Nifty Index Futures market by Buying 5481 contracts worth 623 crores, resulting in a decrease of 771 contracts in the Net Open Interest.
As Discussed in Last Analysis
Bank Nifty broke the first 15 mins low and saw decline through out the day with Saturn Retrograde showing its impact. Price has closed below 20 SMA, 4×3 Gann Angle and 44151 level suggesting bearishness and we have seen today.
Gann Rules Says : Don’t ignore a Double Top & Triple Top signal on a monthly chart, after a minimum gap of 6 months. (Not the right place for investment/entry, the price may fall).
Summer Solstice will come tomorrow Evening, Gann has specifically talked a lot above this Solar Dates, Price is still below Satrun Retrograde High, For short term bearishness to come price need to close below 18600, till its not breached any fall or correction will get recovered like today.
Bank Nifty Trade Plan Based on Astro Indicator Bulls will get active above 44062 for a move towards 44283/44579/44838. Bears will get active below 43479 for a move towards 143258/42961/42703. — Bears got the trade but got stopped out levels reamins the same.
Traders may watch out for potential intraday reversals at 09:37,10:30,11:31,2:42 How to Find and Trade Intraday Reversal Times
Bank Nifty June Futures Open Interest Volume stood at 23 lakh, addition of 0.24 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 7:5 and Bank Nifty Rollover Cost is @43908 and Rollover is at 72.2%
Major Resistance for Bank Nifty us at 43965 which is 20 SMA,Major Support at 43359 @ 50 SMA.
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 now heading for 43216
According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 43800 strike, followed by the 44000 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 43500-44000 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 .
If you don’t trust the system while you’re in a trade, you’ll become impatient. Impatience makes you exit too soon – afraid that profits will dissipate – or too late, because you don’t want to take a loss.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 44139 . 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 43919, Which Acts As An Intraday Trend Change Level.