Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 122 contracts with a total value of 8.72 crores. This activity led to a increase of 3720 contracts in the Net Open Interest.
Bank Nifty is heading towards its 1×1 gann angle and today being an Important Astro and Gann date as discussed in below analysis suggesting we can see Potential Price time Squaring and can lead to change in trend.
- “Bayer Rule 2: Trend goes down within 3 days when the speed difference between Mars and Mercury is 59 minutes. Leads to Big Move “
- Venus Conjunct Mercury HELIO
- Moon Conjunction Saturn
- Moon Apogee
For Intraday Traders watch for first 15 mins high and low to capture the trend of the day.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 45658 for a move towards 45870/46082/46294. Bears will get active below 45447 for a move towards 45235/45023/44812
Traders may watch out for potential intraday reversals at 9:40,10:28,11:24,1:48,2:07 How to Find and Trade Intraday Reversal Times
Bank Nifty Sep Futures Open Interest Volume stood at 18.9 lakh, liquidation of 10740 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a liquuidation of LONG positions today.
Bank Nifty Advance Decline Ratio at 8:4 and Bank Nifty Rollover Cost is @44639 closed above it.
Bank Nifty price is above all its short and long term moving average, Trend is Buy on Dips till 44900 is held.
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 has closed below 45923.
According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 45800 strike, followed by the 46000 strike. On the put side, the 45300 strike has the highest OI, followed by the 45000 strike.This indicates that market participants anticipate Bank Nifty to stay within the 45200-45800 range. Total Call OI is 2.15 cr and Total Put OI is 2.37 cr
The Bank Nifty options chain shows that the maximum pain point is at 45400 and the put-call ratio (PCR) is at 1.08. 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 .
Trading requires discipline, humility, and a willingness to learn from others, and disrespecting the market would only result in the market not respecting him back.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 44944 . 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 45651, Which Acts As An Intraday Trend Change Level.
Bank Nifty Intraday Trading Levels
Buy Above 45610 Tgt 45729, 45833 and 45950 (Fin Nifty Spot Levels)
Sell Below 45444 Tgt 45323, 45212 and 45108 (Fin Nifty Spot Levels)
Bank Nifty Expiry Range
Upper End of Expiry : 45833
Lower End of Expiry : 45276
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.