Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Selling 860 contracts with a total value of 57 crores. This activity led to a increase of 2222 contracts in the Net Open Interest.
Bank Nifty did an open High today 43797 formed an Inside Bar on Venus Ingress as discussed in below video, “Bayer Rule 14: VENUS MOVEMENTS IN GEOCENTRIC LONGITUDE USING A UNIT OF 1*9’13”” and Moon at 0 Declination are 2 important events happeing tommrow. Also price is near Gann Angle and 09 is Gann date as shown below chart. As Both Astro and Gann Date are Confluencing again we should see a trending move in next 2 days.
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We have Mercury Ingress today, as discussed in the video below, and we anticipate an opening with a gap down. The price is near Gann’s 1×2 angle support, and it aligns with an important Gann date. This confluence of both price and time, coupled with a DOJI formation, creates the perfect recipe for a significant move. Clear trigger levels are outlined for both the buy and sell sides.
Always remember, trading is about probability, not certainty.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 43733 for a move towards 43960/44225. Bears will get active below 43500 for a move towards 43225/43040 Bank Nifty is unable to close above 43733 Gann 62.5 % retracement level. Also formed a Bearish ABCD Harmonic Pattern having PRZ zone at 43960
Traders may watch out for potential intraday reversals at 9:28, 10:00,11:49,1:07,2:27 How to Find and Trade Intraday Reversal Times
Bank Nifty Nov Futures Open Interest Volume stood at 27.5 lakh, addition of 0.46 lakh contracts. Additionally, the incarease in Cost of Carry implies that there was a addition of LONG positions today.
Bank Nifty Advance Decline Ratio at 08:04 and Bank Nifty Rollover Cost is @43450 closed above it.
Bank Nifty Gann Monthly Trend Change Level : 43211
Bank Nifty has closed above its 20 DMA @43561 , Holding 43555 can see rally towards 44000/44200, Any break of 43500 can lead to fall towards 43224/43000.
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 43700 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 43319. 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 43929 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 43666 Tgt 43729, 43900 and 44044 (Bank Nifty Spot Levels)
Sell Below 43538 Tgt 43418, 43300 and 43166 (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.