Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 9192 contracts with a total value of 606 crores. This activity led to a decrease of 4160 contracts in the Net Open Interest.
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 is back to Gann Angle Support, price is above 20/200 SMA.We will open gap tommrow 44207 octave point sustaing above it rally can move towardsw 44500/44729.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 44130 for a move towards 44339/44547. Bears will get active below 43922 for a move towards 43713/43504.
Traders may watch out for potential intraday reversals at 9:29, 11:27,12:23,2:00,2:45 How to Find and Trade Intraday Reversal Times
Bank Nifty Nov Futures Open Interest Volume stood at 24.7 lakh, liquidation of 1.9 lakh contracts. Additionally, the incarease in Cost of Carry implies that there was a liquidation of SHORT 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 @43407 , 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 44000 strike, followed by the 44300 strike. On the put side, the 43800 strike has the highest OI, followed by the 43500 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 44000 and the put-call ratio (PCR) is at 0.92 . 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 43456 . 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 43961, Which Acts As An Intraday Trend Change Level.
BANK Nifty Expiry Range
Upper End of Expiry : 44257
Lower End of Expiry : 43742
BANK Nifty Intraday Trading Levels
Buy Above 44000 Tgt 44125, 44256 and 44444 ( BANK Nifty Spot Levels)
Sell Below 43864 Tgt 43729, 43610 and 43484 ( 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.