BANK Nifty 02-Nov-23 Trade Plan

By | November 2, 2023 9:03 am

Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 3000 contracts with a total value of 193 crores. This activity led to a increase of 6100 contracts in the Net Open Interest.

As Discussed in Last Analysis

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 formed a perfect DOJI, 01 Nov High is 42815  and Low is 42589. Break of any side will lead to a move of 555-729 points as Saturn and Jupiter made an Astro aspect yesterday. We will open gap up today BUlls need to sustain above 42875 for upmove to continue towards 43100.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 42875 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 09:27,10:54,12:28,1:10,2:19  How to Find and Trade Intraday Reversal Times

Bank Nifty Nov Futures Open Interest Volume stood at 24.9 lakh, addition of 0.26 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 now above 42875 an do retest of 200 SMA @43192



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 42947 . 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 42936, 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)

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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