Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Bank Nifty Index Futures market by Shorting 12369 contracts worth 1139 crores, resulting in a decrease of 3907 contracts in the Net Open Interest.
As Discussed in Last Analysis
When Both Gann and Astro Cycle combine its leads to an explosive move, Nifty has hit a new life high, We have Weekly/Monthly/Quaterly closing tommrow Bulls would like to close above 44500 for a good mometum to coming in July Series. Tommrow we have Multiple Astro events tommrow
- Sun Conjuct Mercury in Cancer
- Mercury Trine Saturn
- Neptune Retrograde
- MERCURY Extreme Declination
So first 15 mins High and Low will guide for the day.
Bank Nifty’s lot size has been revised from 25 to 15, effective from the July Monthly contract. If you are a Bank Nifty futures trader or deal with monthly option contracts, the new lot size of 15 will be applicable starting tomorrow. However, if you are a weekly option trader, the new lot size of 15 will be applicable only from 21st July onwards.
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– All Bullish target done, Now Bulls need a close above 44529 for a move towards 44738/44947/45156. Bears will get active below 44111 for a move towards 43902/43693
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 22 lakh, addition of 6.5 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a covering of LONG positions today.
Bank Nifty Advance Decline Ratio at 6:6 and Bank Nifty Rollover Cost is @44037 and Rollover is at 72.6%
Major Support for Bank Nifty is at 43927 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 41967-43216-44464 . 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 near 44464
According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 44500 strike, followed by the 44800 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 44300-44800 range.
The Bank Nifty options chain shows that the maximum pain point is at 44300 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 .
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 44579. 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 44435 , Which Acts As An Intraday Trend Change Level.