Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 1343 contracts with a total value of 89 crores. This activity led to a decrease of 2613 contracts in the Net Open Interest.
Two Important Aspect are forming tommrow Mars YOD North Node and Venus YOD Jupiter, North Node will lead to volatlity in the market. We have arrived on this aspect and when examining the Mars North Node aspects, which are also referred to as the panic cycle, it typically does not result in an immediate shift in trend. There are instances where the opposition leads to a change in trend, but sometimes it takes a while before the downtrend takes hold. This is because there may be other factors contributing to the stock or index rising. It’s usually a combination of planetary cycles that can determine a change in market trend. Price is back towards octave point of 44207.
We saw a panic decline in market at 2:47 as discussed in below video due to RBI – REGULATORY MEASURES which came after market close. Today also we have a MARS aspect as discussed in below video so expect another volatile move.
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 9:34, 10:30,11:18,2:37 How to Find and Trade Intraday Reversal Times
Bank Nifty Nov Futures Open Interest Volume stood at 21.2 lakh, liquidation of 2 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 09:03 and Bank Nifty Rollover Cost is @43450 closed above it.
Bank Nifty Gann Monthly Trend Change Level : 43211
Bank Nifty is near its 50 DMA @44228, Bulls need a close above 44250 to capture 44506 100 DMA.
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 44300 strike, followed by the 44500 strike. On the put side, the 44000 strike has the highest OI, followed by the 43800 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 44100 and the put-call ratio (PCR) is at 0.85 . 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 43572 . 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 44382, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 44188 Tgt 44290, 44366 and 44529 ( BANK Nifty Spot Levels)
Sell Below 44050 Tgt 43888, 43777 and 43666 ( 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.