Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Bank Nifty Index Futures market by Shorting 3404 contracts worth 233 crores, resulting in a decrease of 876 contracts in the Net Open Interest.
As Discussed in Last Analysis 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.
We got the big move as gann and astro time confluenced as discussed in below video, Price has broken 4×3 Gann Angle and heading towards 1×2 angle around 43700. Mars Trine Jupiter Aspect again helped in capturing the big move.
Bank Nifty BUlls need to protect 44857 for a move towards 45235 Below 44800 can see a follow towards 44479/44101
Traders may watch out for potential intraday reversals at 9:45,12:15,1:50,2:22 How to Find and Trade Intraday Reversal Times
Bank Nifty June Futures Open Interest Volume stood at 19.7 lakh, addition of 0.59 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closure of LONG positions today.
Bank Nifty Advance Decline Ratio at 1:11 and Bank Nifty Rollover Cost is @46143 and Rollover is at 70.3%
BANk Nifty has broken its 20 SMA support and heading towards 50 SMA @44619
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 44634
According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 45000 strike, followed by the 45200 strike. On the put side, the 44700 strike has the highest OI, followed by the 44500 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 44500-45000 range.
The Bank Nifty options chain shows that the maximum pain point is at 45000 and the put-call ratio (PCR) is at 1.08. 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 45701 . 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 45187 , Which Acts As An Intraday Trend Change Level.
Intraday Trading Levels
Buy Above 45018 Tgt 45125, 45300 and 45424 (Bank Nifty Spot Levels)
Sell Below 44800 Tgt 44720, 44610 and 44535 (Bank Nifty Spot Levels)
Upper End of Expiry : 45064
Lower End of Expiry :44535
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.