Moon at Apogee: Bank Nifty 10 Oct Trade Plan

By | October 10, 2023 9:04 am

Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 1332 contracts with a total value of 88 crores. This activity led to a increase of 2242 contracts in the Net Open Interest.

As Discussed in Last Analysis

RBI Policy today, Last Policy with increase of ICRR lead to big fall in intraday in Bank Nifty, Till BUlls are holding 44100-44125 rally can extend towards 44555-44591 , Bears will get active below 44100  can lead to swift fall towards 43800/44521. Try to trade after 11:08 to capture the trend.
Bank Nifty saw a sharp decline due to ISRAEL-PALESTINE WAR which lead to sharp increase in Crude price and we also saw the impact of Venus Ingress as discussed in below video. Today as Moon goes in Apogee(The Moon will reach the furthest point along its orbit to the Earth and will appear slightly smaller than at other times.) it can lead to more voaltile move in Bank Nifty. Also 2 Bayers Rule are coming in Effect today so first 15 mins High and Low will guide INtraday traders.

Bayer Rule 5:Mercury Retrograde Zodical Position of One Year “
Bayer Rule 14: VENUS MOVEMENTS IN GEOCENTRIC LONGITUDE USING A UNIT OF 1*9’13””

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 43936 for a move towards 44148/44360. Bears will get active below 43724  for a move towards 43511/43299.

Traders may watch out for potential intraday reversals at 9:22,11:56,1:08,2:10,2:43 How to Find and Trade Intraday Reversal Times

Bank Nifty Oct Futures Open Interest Volume stood at 25.4 lakh, addition of 0.60 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 03:09 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 44600 

 

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 44000 strike, followed by the 44500 strike. On the put side, the 43500 strike has the highest OI, followed by the 43200 strike.This indicates that market participants anticipate Bank Nifty to stay within the 43500 -44000 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 43800 and the put-call ratio (PCR) is at 0.82 . 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 .

Your risk-adjusted return is more important than your gross P&L. You shouldn’t try to make 5K a day by losing 5K. You shouldn’t do this after 10 years and you certainly shouldn’t do this when you start.

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 44481. 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 44045 , Which Acts As An Intraday Trend Change Level.

BANK Nifty Intraday Trading Levels

Buy Above 43960 Tgt 44067, 44212 and 44384 ( Nifty Spot Levels)

Sell Below 43888 Tgt 43751, 43615 and 43500 (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.

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