Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Bank Nifty Index Futures market by Shorting 5664 contracts worth 376 crores, resulting in a increase of 8846 contracts in the Net Open Interest.
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 did 44850 and we saw a reversal from higher levels, US Fed will speak of Jackson Hole today evening ,its market turning event as last time when Fed spoke US market saw a decline of 3.5 % in 1 week,We also have important astro event happening on Weekend so trade with hedge for overnight positions. ALso price has completed 108 days from 16 March Low ,important gann time cycle
- Mars Ingress
- Moon Declination
- “Bayer Rule 2: Trend goes down within 3 days when the speed difference between Mars and Mercury is 59 minutes. Leads to Big Move “
- Saturn Earth Maxium Distance
- Sun Opposition Saturn
Mars is in Libra from August 27-October 12, 2023. Mars is a plannet of energy and Hopefully it will give energy to either bULLS OR bears to get Bank FInance out of this range and lead to a trending move. DOJI formnation before an Astro event is always a good sign for a trending move. Also we are entering 5 Week of the MOnthly expiry which generally leads to trending move.
Bank Nifty Trade Plan Bulls will get active above 44275 for a move towards 44444/44612. Bears will get active below 44100 for a move towards 43937/43796/43600.
Traders may watch out for potential intraday reversals at 10:43,11:30,12:39,1:32,2:13 How to Find and Trade Intraday Reversal Times
Bank Nifty June Futures Open Interest Volume stood at 15.1 lakh, liquidation of 0.64 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 03:08 and Bank Nifty Rollover Cost is @46143 and Rollover is at 70.3%
Bank Nifty has reacted from from 20 SMA @44647, Now 43900 @100 DMA can it hold support from 3 time needs to be seen.
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 again reacted from 44634
According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 44500 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 44200 and the put-call ratio (PCR) is at 0.85. 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 .
Many people have a need to be right. That makes it difficult to quickly accept losses, and it makes it especially difficult to flip one’s views. The best traders don’t have a need to be right, and in fact they readily admit that there’s many times they’re wrong.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 44776. 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 44232, Which Acts As An Intraday Trend Change Level.
Intraday Trading Levels
Buy Above 44250 Tgt 44400, 44566 and 44729 (Bank Nifty Spot Levels)
Sell Below 44166 Tgt 44025, 43888 and 43729 (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.