Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 10282 contracts with a total value of 702 crores. This activity led to a decrease of 15546 contracts in the Net Open Interest.
Price has close above 45900 we need to see follow up move today above 45900 as price is near gann angle as shown in below chart.
Bank Nifty has reacted from the Gann angle and astro date as discussed in below video, All thanks to HDFC Bank we have seen a decent cut in Bank nifty. We have 2 important astro date coming tommrow and we will see market reaction to FOMC meeting today with gap down. Watch out for price action near 45000 it will act as a trend change level till expiry.
Bayer Rule 6: The price is in bottom/top when Mars was in 16 degrees 35 minutes of some sign and plus 30 degrees.
Bayer Rule 27: Big tops and big major bottoms are when Mercury’s speed in Geocentric longitude is 59 minutes or 1 degree 58 minutes.
First 15 mins High and low will guide for the day.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 45449 for a move towards 45664/45880/46095. Bears will get active below 45234 for a move towards 45019/44804/44588.
Traders may watch out for potential intraday reversals at 9:15,10:48,11:39,01:36,02:47 How to Find and Trade Intraday Reversal Times
Bank Nifty Sep Futures Open Interest Volume stood at 13.3 lakh, liquidation of 1.62 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 4:8 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 44950 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 45500 strike, followed by the 46000 strike. On the put side, the 45000 strike has the highest OI, followed by the 45800 strike.This indicates that market participants anticipate Bank Nifty to stay within the 45000-45500 range. Total Call OI is 1.34 cr and Total Put OI is 1.15 cr
The Bank Nifty options chain shows that the maximum pain point is at 45500 and the put-call ratio (PCR) is at 0.89. 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 .
The mind is mischievous and it often is the primary cause of failures. The market is always creating noises and if a trader fails to control his inner noises, how can he listen to what the market is trying to tell him
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 45315. 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 45608, Which Acts As An Intraday Trend Change Level.
Bank Nifty Intraday Trading Levels
Buy Above 45420 Tgt 45512, 45610 and 45729 (Bank Nifty Spot Levels)
Sell Below 45190 Tgt 45090, 44980 and 44888 (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.