Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Bank Nifty Index Futures market by Shorting 4388 contracts worth 303 crores, resulting in a decrease of 2188 contracts in the Net Open Interest.
As Discussed in Last Analysis 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.
ICICI Bank came up with a good set of numbers, while Kotak Bank’s YoY performance was good, but QoQ results were disappointing. If IT stocks take a beating, it usually impacts Finance stocks, which are used to manage the Index. This was evident on Friday when the IT index was down 4%, but Bank Stocks managed to close slightly positive. Today, two planets, Venus and Chiron, are going retrograde, and their impact will likely be seen on Monday. Finance Nifty has formed a perfect DOJI pattern, and the high and low in the first 15 minutes of Monday’s trading will be crucial for guiding the market’s direction. Additionally, the Jupiter 45 Neptune aspect will also have an impact on Bank Nifty.
Bank Nifty Trade Plan Based Bulls will get active above 46132 for a move towards 46345/46558/46770. Bears will get active below 45919 for a move towards 45706/45494/45281
Traders may watch out for potential intraday reversals at 9:26,11:20,12:50,1:26,2:27 How to Find and Trade Intraday Reversal Times
Bank Nifty June Futures Open Interest Volume stood at 21.3 lakh, liquidation of 1.5 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 5:7 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 46000 and the put-call ratio (PCR) is at 1.05. 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 .
Your goal every day is to improve. Each day is a gift from the market to improve. Work hard. Each day is an opportunity to get better. Focus on the process
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 45218 . 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 46149, Which Acts As An Intraday Trend Change Level.
Intraday Trading Levels
Buy Above 46150 Tgt 46323 , 46485 and 46610 (Nifty Spot Levels)
Sell Below 46000 Tgt 45877, 45729 and 45610 (Nifty Spot Levels)
Wishing you good health and trading success as always.As always, prioritize your health and trade with caution.
As always, it’s essential to closely monitor market movements and make informed decisions based on a well-thought-out trading plan and risk management strategy. Market conditions can change rapidly, and it’s crucial to be adaptable and cautious in your approach.