Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 5633 contracts with a total value of 381 crores. This activity led to a increase of 9435 contracts in the Net Open Interest.
Bank Nifty is back towards its 100 DMA and Gann angle support as shown below.Today being weekly close bears would like to close below 44485 for dowmove to continue towards 44000/43500. Today we have Mercury at Greatest Elong: 17.9°W and tommrow Autumnal Equinox so watch for 15 mins high and low to capture trend for the day.
Bank Nifty showed a perfect bounce from the gann angle , Bulls need a close above 45000 for the correction to get over else Bears can break 100 DMA which has been holding from almsot 5 time. More we touch a support more weaker it becomes. Mercury Trine Jupiter Aspect today suggesting break of todays high and low can lead to trending move.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 44853 for a move towards 145062/45270 . Bears will get active below 44435 for a move towards 44226/44018/43809
Traders may watch out for potential intraday reversals at 9:34,10:12,11:25,1:28,2:45 How to Find and Trade Intraday Reversal Times
Bank Nifty Sep Futures Open Interest Volume stood at 14.9 lakh, addition of 0.62 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 09:03 and Bank Nifty Rollover Cost is @44639 closed above it.
Bank Nifty is back towards its 100 DMA @44512 close below it can lead to fall towards 44225/44000.
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 above 44634.
According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 45000 strike, followed by the 45500 strike. On the put side, the 44500 strike has the highest OI, followed by the 44000 strike.This indicates that market participants anticipate Bank Nifty to stay within the 44500-45000 range. Total Call OI is 1.34 cr and Total Put OI is 1.45 cr
The Bank Nifty options chain shows that the maximum pain point is at 44700 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 .
To create money management, position size calculation or the elaboration of a profitable set of rules. All of these very useful tools are of little help if you are not able to use them in a disciplined manner.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 45234 . 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 44730, Which Acts As An Intraday Trend Change Level.
Bank Nifty Intraday Trading Levels
Buy Above 44727 Tgt 44831, 44934 and 45069 (Bank Nifty Spot Levels)
Sell Below 44525 Tgt 44385, 44225 and 44108 (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.