01-Nov-2023 Bank Nifty Trade Plan

By | November 1, 2023 8:11 am

Foreign Institutional Investors (FIIs) exhibited a Neutral stance in the Bank Nifty Index Futures market by Shorting 175 contracts with a total value of 12 crores. This activity led to a increase of 803 contracts in the Net Open Interest.

Today was Monthly close for Bank Nifty and price has closed below last month low of 43830 and price got rejected from 1×2 Gann Angle and also Octve Point  43437 , formed a lower low on Higher time Frame. Price always follow Higher time frame so trend for now is Sell on Rise till we do not see a close above 43350 for 2 days. Price has again closed below its 200 DMA today, Tommrow Saturn goes in Extreme Declination and Jupiter is Minimum Distance to Earth, so 2 Outer Plannet are forming an Astro Event. 01 Nov High and Low will remain Valid throughout the month due to Saturn and Jupiter.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 42926 for a move towards 43131/43336. Bears will get active below 42721 for a move towards 42515/42310.

Traders may watch out for potential intraday reversals at 9:56,12:33,1:14,2:58  How to Find and Trade Intraday Reversal Times

Bank Nifty Nov Futures Open Interest Volume stood at 24.7 lakh, liquidation of 0.007  lakh contracts. Additionally, the decarease in Cost of Carry implies that there was a covering of LONG positions today.

Bank Nifty Advance Decline Ratio at 03:09 and Bank  Nifty Rollover Cost is @43450 closed below it. 

Bank Nifty closed below 20/50/100/200 SMA and heading towads 42500/42200 till we close below 43200



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 42127-43444-44634-45923 . 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 43444 and saw a big fall.

According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 43000 strike, followed by the 43200 strike. On the put side, the 42500 strike has the highest OI, followed by the 42300 strike.This indicates that market participants anticipate Bank Nifty to stay within the 42500-43000 range. 

The Bank Nifty options chain shows that the maximum pain point is at 42900 and the put-call ratio (PCR) is at 0.80 . 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 .

Just give up the idea that we can figure it out! Listen to the market shout a very clear and unmistakable direction to us. All we have to do is listen, feel, and follow the marketís signals and not hope the market follows our lead. Rest assured. It wonít!

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 42950 . 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 43199, Which Acts As An Intraday Trend Change Level.


BANK Nifty Intraday Trading Levels

Buy Above 42900 Tgt 43000, 43108 and 43216 (Bank Nifty Spot Levels)

Sell Below 42777 Tgt 42643 , 42525 and 42400 (Bank Nifty Spot Levels)

Upper End of Expiry : 43110 

Lower End of Expiry : 42579

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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