Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Bank Nifty Index Futures market by Shorting 221 contracts worth 13 crores, resulting in a decrease of 6277 contracts in the Net Open Interest.
Today we have important aspect forming which are as follow
- Mars Opposition Neptune
- Venus Square Jupiter
- Jupiter Opposition Moon
- Sun moving to Virgo
- ALso 22 Aug is important Gann Date
- Bank Nifty completed 360 Trading Days from 08 March 2022 Low
With Both Gann and Astro date confluncing again we can see big move, For INtraday traders First 15 mins HIgh and low will guide for the day, Swing traders levels are mentioned as below.
Bank Nifty has formed an NR21 days when gann and astro cycle are confluencing and be prepared for big move as explained in below video with Both Mercury which is Retrograde and Sun Changing Sign.
The NR21 pattern, as the name suggests, refers to a trading situation where the range of price movement over a specific period is exceptionally narrow. Specifically, the range should be the smallest within the past 21 trading sessions.
The significance of the number 21 lies in its representation of a trading month, considering the typical number of trading days. Traders use this period to identify the tightest range within which price has moved.
The NR21 pattern signifies a state of market compression, where volatility is notably reduced. This reduction in price range is often indicative of a period of indecision among traders.
Bank Nifty Trade Plan Bulls will get active above 44151 for a move towards 44257/44363/44470/44576. Bears will get active below 43938 for a move towards 43832/43726/43619/43513
Traders may watch out for potential intraday reversals at 9:21,11:49,1:00,1:55,2:21 How to Find and Trade Intraday Reversal Times
Bank Nifty June Futures Open Interest Volume stood at 18.3 lakh, liquidation of 0.54 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a closeure of SHORT positions today.
Bank Nifty Advance Decline Ratio at 7:5 and Bank Nifty Rollover Cost is @46143 and Rollover is at 70.3%
Bank Nifty has bounced from 100 SMA @43658 , Till 43700 is held bounce towards 44000/44225, Break of 43600 fast fall towards 43000.
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 43344
According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 44000 strike, followed by the 44200 strike. On the put side, the 43500 strike has the highest OI, followed by the 43200 strike.This indicates that market participants anticipate Bank Nifty to stay within the 43800-44200 range.
The Bank Nifty options chain shows that the maximum pain point is at 44000 and the put-call ratio (PCR) is at 0.91. 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 .
One of the most important attributes of a professional trader is the willingness to accept full responsibility for one’s actions. One can never improve if every mistake is the broker’s, or the fault of the data vendor, or the software.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 4428 . 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 44834 , Which Acts As An Intraday Trend Change Level.
Intraday Trading Levels
Buy Above 44050 Tgt 44125, 44244 and 44375 (Bank Nifty Spot Levels)
Sell Below 43900 Tgt 43815, 43666 and 43555 (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.