Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Bank Nifty Index Futures market by Shorting 2943 contracts worth 194 crores, resulting in a increase of 8939 contracts in the Net Open Interest.
As Discussed in Last Analysis 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 broken 1×1 Gann Angle on 01 Aug and now heading towards 1×2 around 43500-43666 zone, Price has closed below 50 SMA. 44151 was previous high of bank nifty should act as a good support in ccase 44500 gets broken tommrow. SBI results tommorow so Bank NIfty will trade voaltile.
Aug 06-07 Aug we have 2 important Bayers Date coming so carry overnight position specially short with hedge.
Bayer Rule 6: The price is in bottom when Mars was in 16 degrees 35 minutes of some sign and plus 30 degrees.
Bayer Rule 7: There are changes on market when Venus or Mars goes over its Aphelium Perihelium (Geocentric).
Bank Nifty BUlls need to move above 44857 for a move towards 45235 Below 44480 can see a follow towards 44151/43729
Traders may watch out for potential intraday reversals at 9:39,12:58,1:38,2:45 How to Find and Trade Intraday Reversal Times
Bank Nifty June Futures Open Interest Volume stood at 17.9 lakh, liquidation of 1.2 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 2:10 and Bank Nifty Rollover Cost is @46143 and Rollover is at 70.3%
BANk Nifty has broken its 50 SMA support and heading towards 100 SMA @43232 if we break and close below 44151.
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 44800 strike, followed by the 45000 strike. On the put side, the 44300 strike has the highest OI, followed by the 445000 strike. Total Calls OI is 3.78 CR and Total Put OI is 3.49 CR, This indicates that market participants anticipate Bank Nifty to stay within the 44300-44800 range.
The Bank Nifty options chain shows that the maximum pain point is at 44600 and the put-call ratio (PCR) is at 0.79. 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 45547. 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 44776, Which Acts As An Intraday Trend Change Level.
Intraday Trading Levels
Buy Above 44561 Tgt 44658, 44777 and 44920 (Bank Nifty Spot Levels)
Sell Below 44444 Tgt 44323, 44182 and 44040 (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.