Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Bank Nifty Index Futures market by Shorting 2332 contracts worth 161 crores, resulting in a decrease of 6502 contracts in the Net Open Interest.
As Discussed in Last Analysis 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 made a lower low after DOJI on Frtiday, ICICI Bank results were unable to move bank nifty suggesting we are seeing distribution at higher levels and price can head towards 4×3 around 45500 gann angle as shown in below chart.
Bank Nifty Trade Plan Based Bulls will get active above 46191 for a move towards 46357/46524/46690. Bears will get active below 45858 for a move towards 45692/45526/45359
Traders may watch out for potential intraday reversals at 9:15,12:10,1:33,2:23 How to Find and Trade Intraday Reversal Times
Bank Nifty June Futures Open Interest Volume stood at 17.1 lakh, liquidation of 4.1 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 46300 strike, followed by the 46500 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 0.98 . 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 45263 . 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 46028, Which Acts As An Intraday Trend Change Level.
Intraday Trading Levels
Buy Above 46025 Tgt 46123, 46323 and 46456 (Nifty Spot Levels)
Sell Below 45850 Tgt 45729, 45630 and 45424 (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.