Bank Nifty Outlook: Analyzing the Market Trends for 21 July 2023

By | July 21, 2023 9:02 am

Foreign Institutional Investors (FIIs) displayed a Bullish approach in the Bank Nifty Index Futures market by Buying 3603 contracts worth 249 crores, resulting in a increase of 6327 contracts in the Net Open Interest.

As Discussed in Last Analysis  Bank Nifty formed an Inside bar pattern on astro date its a lethal combo for a good move. Price has closed above 45556 Rahu Ingress High so its advantage Bull till we are above 45556. Bank Nifty moved on upside and made a fresh all time high, Inside Bar with Astro date 70% of time gives an excellent move as we have discussed.  Ride the trend till it bends with strict SL. Today IT stocks will take a beating and Index needs to be manged Bank and Finance stocks will be taken refuge into. 



Bank Nifty Trade Plan Based  Bulls will get active above 46068 for a move towards 46281/46495/46709. Bears will get active below 46041 for a move towards 45826/45611/45395


Traders may watch out for potential intraday reversals at 9:53,10:35,1:01,1:46,2:40  How to Find and Trade Intraday Reversal Times

Bank Nifty June  Futures Open Interest Volume stood at 20.7 lakh, liquidation of 3.5 lakh contracts. Additionally, the decrease in Cost of Carry implies that there was a liquidation of LONG positions today.

Bank Nifty Advance Decline Ratio at 8:4 and Bank  Nifty Rollover Cost is @44037  and Rollover is at 72.6%

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 43444-44634-45923 . 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 45923

According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 46500 strike, followed by the 47000 strike. On the put side, the 46000 strike has the highest OI, followed by the 45500 strike. This indicates that market participants anticipate Bank Nifty to stay within the 45800-46300 range.

The Bank Nifty options chain shows that the maximum pain point is at 45900 and the put-call ratio (PCR) is at 0.96. 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 .

To make One Good Trade you must prepare properly, work hard, and have patience

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 45160. 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 45935, Which Acts As An Intraday Trend Change Level.

Intraday Trading Levels

Buy Above 46107 Tgt 46225,46343 and 46485 (Nifty Spot Levels)

Sell Below 45940 Tgt 45799, 45610 and 46412 (Nifty Spot Levels)

Upper End of Expiry : 45865

Lower End of Expiry : 45472

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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