Foreign Institutional Investors (FIIs) displayed a Bearish approach in the Bank Nifty Index Futures market by Shorting 3634 contracts worth 241 crores, resulting in a increase of 13322 contracts in the Net Open Interest.
Bank Nifty opened with a gap up and saw brutal selling in the last 1 hour, filling all the gap and forming an Outside Bar Candle with Bayer’s Rule 38 showing its effect. Today, we have a very strong aspect between Jupiter and Saturn, along with a SuperMoon (Supermoon, a rare occurrence where the moon appears larger and brighter in the sky, last time it happened on 31 Jan 2018 and next it will happen in 2037.)as discussed in the video below. So, get ready for another explosive move today. Since today is the monthly closing and Bank Nifty is closing below last month’s low of 44547, it suggests that the 4-month rally is coming to a halt. Bears need a break below 44000 and bulls above 44800 for a trending move to occur; otherwise, the sideways movement will continue. Hopefully, in the next 2 days, we will break out of this range and start a big bang move in the month of September. Also, watch for the 3 PM candle today for an intraday move to capture.
Bank Nifty Trade Plan based on Astro Date Bulls will get active above 44313 for a move towards 44525/44737/44949. . Bears will get active below44101 for a move towards 43889/43677/43465
Traders may watch out for potential intraday reversals at 10:35,11:23,12:26,1:20,2:10 How to Find and Trade Intraday Reversal Times
Bank Nifty Sep Futures Open Interest Volume stood at 12 lakh, addition of 3.3 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of SHORT positions today.
Bank Nifty Advance Decline Ratio at 02:10 and Bank Nifty Rollover Cost is @46143 and Rollover is at 70.3%
Bank Nifty closed above it 20 SMA @44468, 50SMA@ 44757 will act as strong resistance. — High made 44779 and saw a correction
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 44300 strike. On the put side, the 44000 strike has the highest OI, followed by the 44100 strike.This indicates that market participants anticipate Bank Nifty to stay within the 44000-44500 range.
The Bank Nifty options chain shows that the maximum pain point is at 44200 and the put-call ratio (PCR) is at 0.70. 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 .
We must realize that the market defies logic. It has a logic all its own, and it won’t tell us in advance what its reaction to events will be. We can watch for clues and then react.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 44741 . 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 44526 , Which Acts As An Intraday Trend Change Level.
Intraday Trading Levels
Buy Above 44250 Tgt 44350, 44500 and 44610 (Bank Nifty Spot Levels)
Sell Below 44150 Tgt 44040, 43920 and 43800 (Bank Nifty Spot Levels)
Upper End of Expiry : 44505
Lower End of Expiry : 43958
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.