Bank Nifty 24 Aug Weekly Expiry Analysis

By | August 24, 2023 8:40 am

Foreign Institutional Investors (FIIs) displayed a BUllish approach in the Bank Nifty Index Futures market by Buying 14068 contracts worth 937 crores, resulting in a decrease  of 416 contracts in the Net Open Interest.

As discussed in Last Analysis

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 made bottom on 18-AUg which was 360 days and with Double Ingress it added to impulsive move, Range of 44750-44850 will be a diffcult zone to crack so keep trailing sl and be ready to switch side.

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 —  All target will done by today’s gap up open.

Traders may watch out for potential intraday reversals at 9:21,10:58,11:46,12:47,2:20 How to Find and Trade Intraday Reversal Times

Bank Nifty June  Futures Open Interest Volume stood at 18.3 lakh, addition of 660 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 10:02 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. –44225 done now 44700 will zone of resistance

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 4500 strike, followed by the 44700 strike. On the put side, the 44200 strike has the highest OI, followed by the 44000 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 44500 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 44808. 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 44333, Which Acts As An Intraday Trend Change Level.

Intraday Trading Levels

Buy Above 44581 Tgt 44685, 44790 and 44920 (Bank Nifty Spot Levels)

Sell Below 44476 Tgt 44371, 44266 and 44161 (Bank Nifty Spot Levels)

Upper End of Expiry : 44873

Lower End of Expiry : 44326

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.

Category: Bank Nifty

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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