Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Bank Nifty Index Futures market by Shorting 4561 contracts worth 312 crores, resulting in a decrease of 2057 contracts in the Net Open Interest.
As Discussed in Last Analysis 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.
FOMC Intrerst Rate Decision will come tommrow evening and today we saw a good recovery in Bank Nifty from lower levels, Price has closed below 45858 which Jupiter Aspect Low on closing basis,suggesting Bears can take an Upper End if tommrow till 9:30 we remian below 45858.
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 9:22,12:40,1:02,2:13 How to Find and Trade Intraday Reversal Times
Bank Nifty June Futures Open Interest Volume stood at 13.4 lakh, liquidation of 3.6 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 2:10 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 46000 strike, followed by the 46200 strike. On the put side, the 45700 strike has the highest OI, followed by the 45500 strike. Total Calls OI is 1.85 CR and Total Put OI is 1.49 CR, This indicates that market participants anticipate Bank Nifty to stay within the 45500-46000 range.
The Bank Nifty options chain shows that the maximum pain point is at 45900 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 45296 . 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 45900 Tgt 46020, 46126 and 46300 (Nifty Spot Levels)
Sell Below 45800 Tgt 45666, 45555 and 45400 (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.