Sun Ingress and Bank Nifty Analysis: Unveiling Market Insights

By | August 22, 2023 8:51 am

Foreign Institutional Investors (FIIs) displayed a Bullish  approach in the Bank Nifty Index Futures market by Buying 2036 contracts worth 134 crores, resulting in a decrease  of 4416 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 Trade Plan  Bulls will get active above 44018 for a move towards 44226/44435/44644. Bears will get active below 43809 for a move towards 43600/43418

Traders may watch out for potential intraday reversals at 9:18,10:56,11:38,12:28,1:59,2:40 How to Find and Trade Intraday Reversal Times

Bank Nifty June  Futures Open Interest Volume stood at 18.4 lakh, liquidation of 2.2 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 @43739 , 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 44876 . 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 44090, 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 43980 Tgt 43870, 43740 and 43619 (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.

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