Foreign Institutional Investors (FIIs) displayed a Bullish approach in the Bank Nifty Index Futures market by buying 769 contracts worth 52 crores, resulting in a decrease of 29 contracts in the Net Open Interest.
As Discussed in Last Analysis Bank Nifty has been trading in a sideways zone, which suggests that a trending move may be expected in the next two days based on the Full Moon and Mars Trine Jupiter Aspect as discussed in Below Video. For Intraday Traders tommrow first 15 mins HIgh and Low will guide for the day.
Based on Gann Angles Price need a close above 45700 which is 4×3 gann angle for short term bullishness to come in. Failing to do so and closing below 45300 can see a fall towards 1×2 ganna angle in short term.
Another Sideways day in Bank Nifty and price is near its 4×3 gann angle, Price is trading below low of Outside Bar pattern formed on 27 July, and in range of Mercury Ingress day on 28 July. Wait for price confirmation for range expansion with VIX trading at multi year low so wait for 45727 or 45238 to break to take a swing trade. In Between Strangle with Hedge will work best. Based on astro and gann time confluence we should get big move in next 2 trading sessions.
Bank Nifty Trade Plan Based on Astro and Inside Bar Bulls will get active above 45700 for a move towards 45862/46030/46197/46365. Bears will get active below 45350 for a move towards 45192/45024/44857
Traders may watch out for potential intraday reversals at 9:15,12:19,12:50,2:22,2:55 How to Find and Trade Intraday Reversal Times
Bank Nifty June Futures Open Interest Volume stood at 19.7 lakh, addition of 0.20 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of LONG positions today.
Bank Nifty Advance Decline Ratio at 4:8 and Bank Nifty Rollover Cost is @46143 and Rollover is at 70.3%
BANk Nifty is back to its 20 SMA support.
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 45800 strike, followed by the 46000 strike. On the put side, the 45500 strike has the highest OI, followed by the 4300 strike. Total Calls OI is 2.78 CR and Total Put OI is 2.49 CR, This indicates that market participants anticipate Bank Nifty to stay within the 45300-45800 range.
The Bank Nifty options chain shows that the maximum pain point is at 45600 and the put-call ratio (PCR) is at 0.97. 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 .
Years of practice at the game, of constant study, of always remembering, enable the trader to act on the instant when the unexpected happens as well as when the expected comes to pass.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 45830 . 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 45759 , Which Acts As An Intraday Trend Change Level.
Intraday Trading Levels
Buy Above 45610 Tgt 45729, 45888 and 46000 (Bank Nifty Spot Levels)
Sell Below 45500 Tgt 45448, 45323 and 45136 (Bank 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.