Bank Nifty Monthly Expiry Analysis: Insights for June 28, 2023

By | June 27, 2023 11:20 pm

Foreign Institutional Investors (FIIs) displayed a Bullish approach in the Bank Nifty Index Futures market by Buying 18926 contracts worth 1332 crores, resulting in a increase of 25380 contracts in the Net Open Interest.

As Discussed in Last Analysis

We have Mercury Ingress tommrow as discuused in below video so we could see a possible range expansion with Multiple Astro and Gann date of 66 days  and INside Bar Formation in Bank Nifty. When gann and astro combine leads to big move as per past data.

We got the big move as expected as Both gann and astro date combined as discussed in below video, Bank NIfty can Hit all time high @44500 as we have closed above Saturn Retrograde High of 44040 and closed above 20 SMA>





Bank Nifty Trade Plan Based  Bulls will get active above 43775 for a move towards 43888/44004/44120. Bears will get active below 43540 for a move towards 43426/43310/43194– Waiting for 44235/44444

Traders may watch out for potential intraday reversals at 9:28,10:39,12:19,2:18,3:01  How to Find and Trade Intraday Reversal Times

Bank Nifty June  Futures Open Interest Volume stood at 14 lakh, liquidation of 3.6 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a covering of SHORT positions today.

Bank Nifty Advance Decline Ratio at 12:0 and Bank  Nifty Rollover Cost is @43908 and Rollover is at 72.2%

Major Support for Bank Nifty is at 43907 which is 20 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 42127-43344-44634 . 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. 

According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 44300 strike, followed by the 44500 strike. On the put side, the 44000 strike has the highest OI, followed by the 43800 strike. This indicates that market participants anticipate Bank Nifty to stay within the 44200-44500 range.

The Bank Nifty options chain shows that the maximum pain point is at 43600 and the put-call ratio (PCR) is at 1.06. 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 .

Fundamental of Trading : 1. Proper preparation 2. Hard work 3. Patience 4. A detailed plan before every trade 5. Discipline 6. Trade Journal 7. Replaying important trades

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 44037. 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 4382, Which Acts As An Intraday Trend Change Level.

Intraday Trading Levels

Buy Above 44300 Tgt 44444, 44555 and 44666 (Nifty Spot Levels)

Sell Below 44108 Tgt 44003, 43920 and 43811 (Nifty Spot Levels)

Upper End of Expiry : 44549

Lower End of Expiry : 44050

Wishing you good health and trading success as always.As always, prioritize your health and trade with caution.

Category: Daily

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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