Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 5637 contracts with a total value of 377 crores. This activity led to a increase of 3779 contracts in the Net Open Interest.
We got an excellent move yesterday based on Lunar Cycle , Now Today being NEW Moon and Moon Declination as discussed below also we have Monthly and Quaterly closing so bulls will try hard to close above 44800-44900 and Bears below 44000-44200 range to form a gravestone doji on higher time frame.
Mars Opposition North Node genreally create short term top and bottom as discussed in below video,”RULE NO. 38 MERCURY LATITUDE HELIOCENTRIC Some mighty fine tops and bottoms are produced when Mercury in this motion passes the above mentioned degrees” Watch for firsat 15 mins High and low to capture the trend for the day.
Swing Traders can go long above 44212 for a move towards 44425/44638/44851. Bears will get active below 44000 for a move towards 43787/43574.
Traders may watch out for potential intraday reversals at 9:25,11:12,1:16,2:36 How to Find and Trade Intraday Reversal Times
Bank Nifty Oct Futures Open Interest Volume stood at 20.4 lakh, liquidation of 0.55 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 @44871 closed above it.
Bank Nifty closed below 20/50/100 SMA and heading towads 43200 till we close below 45000
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 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 43800 strike.This indicates that market participants anticipate Bank Nifty to stay within the 44000-44500 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 44200 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 44729. 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 44591, Which Acts As An Intraday Trend Change Level.
BANK Nifty Expiry Range
Upper End of Expiry : 44364
Lower End of Expiry : 43835
BANK Nifty Intraday Trading Levels
Buy Above 44333 Tgt 44439, 44545 and 44651 ( Nifty Spot Levels)
Sell Below 44227 Tgt 44122, 44016 and 43910 (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.