Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 5879 contracts with a total value of 409 crores. This activity led to a increase of 3063 contracts in the Net Open Interest.
Banknifty reacted perfectly from 1×1 GANN angle on gann date suggesting price time squaring .. Till 45893 is not broken avoid longs Short below 45300 for a move towards 44900.. In between 45300-45900 its will remain choppy !!
Price has close above 45900 we need to see follow up move today above 450900 as price is near gann angle as shown in below chart.
Bank Nifty Trade Plan for Positional Trade Based on Outside Bar ,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 — Heading towards final target of 46294
Traders may watch out for potential intraday reversals at 9:36,10:23,12:05,12:56,1:46,2:48 How to Find and Trade Intraday Reversal Times
Bank Nifty Sep Futures Open Interest Volume stood at 17.6 lakh, liquidation of 1.34 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 46000 strike, followed by the 46500 strike. On the put side, the 45800 strike has the highest OI, followed by the 45500 strike.This indicates that market participants anticipate Bank Nifty to stay within the 45500-46200 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 45900 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 45034 . 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 45837, Which Acts As An Intraday Trend Change Level.
Bank Nifty Intraday Trading Levels
Buy Above 46013 Tgt 46120, 46227 and 46335 (Bank Nifty Spot Levels)
Sell Below 45905 Tgt 45798, 45691 and 45585 (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.