Bank Nifty 08 Nov 2023 Weekly Expiry Analysis

By | November 8, 2023 8:45 am

Foreign Institutional Investors (FIIs) exhibited a Neutral stance in the Bank Nifty Index Futures market by Selling 1092 contracts with a total value of 72 crores. This activity led to a decrease of 2606 contracts in the Net Open Interest.

As Discussed in Last Analysis

Bank Nifty saw a big gap up today and price is forming higher highs closed above both 200/20 DMA and 50% of the entier fall at 43408 and above gann angle. Till we are above 43408 Bulls are in the control. Bank Nifty has formed 4 DOJI today suggesting supply is coming on higher side.

Bank Nifty formed an Outside Bar after 4 DOJI and another day closed above Saturn Direct High and 1×2 Gann Angle and 50% point of 43407. Today we have Venus Ingress so Private Bank ie. ICICI/HDFC should be in focus. Watch for first 15 mins High and Low to capture the trend of the day. Today is the 9 day of rise from the 26 Oct bottom. 9 is important number as per gann so be ready for a volatile move.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 43621 for a move towards 43827/44034/44240. Bears will get active below 43415 for a move towards 43208/43002 — Waiting for 43827/44034/44240

Traders may watch out for potential intraday reversals at 9:28,12:02,2:15  How to Find and Trade Intraday Reversal Times

Bank Nifty Nov Futures Open Interest Volume stood at 24.1 lakh, liquidation of 0.31 lakh contracts. Additionally, the decarease in Cost of Carry implies that there was a closuere of LONG positions today.

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

Bank Nifty has closed above  its 20 DMA @43561 , Holding 43555 can see rally towards 44000/44200



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. 

According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 43800 strike, followed by the 44000 strike. On the put side, the 43500 strike has the highest OI, followed by the 43300 strike.This indicates that market participants anticipate Bank Nifty to stay within the 43300-44000 range. 

The Bank Nifty options chain shows that the maximum pain point is at 43700 and the put-call ratio (PCR) is at 0.88 . 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 .

“Years of practice at the game, of constant study, of always remembering, enable the trader to act on the instant when the unexpected happens as well as when the expected comes to pass.”

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 43193. 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 43729 , Which Acts As An Intraday Trend Change Level.


BANK Nifty Intraday Trading Levels

Buy Above 43800 Tgt 43930, 44100 and 44225 (Bank Nifty Spot Levels)

Sell Below 43666 Tgt 43541, 43414 and 43285 (Bank Nifty Spot Levels)

Bank Nifty Expiry Range

Upper End of Expiry : 44054

Lower End of Expiry : 43545

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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