Foreign Institutional Investors (FIIs) exhibited a Bullish stance in the Bank Nifty Index Futures market by Buying 980 contracts with a total value of 64.81 crores. This activity led to a decrease of 762contracts in the Net Open Interest.
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 has formed DOJI below gann angle as shown in below chart. We have a Gann Natural Date approaching, and also, the Sun Ingress and Bayer’s Rule will come into effect tomorrow, 22 Nov. The VIX also saw an uptick above 12 after many days. The market is preparing itself for a trending move as both Gann and astro cycles are converging. We have shared swing levels below.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 43776 for a move towards 43987/44197. Bears will get active below 43565 for a move towards 43354/43144
Traders may watch out for potential intraday reversals at 9:31, 11,1:45,2:21 How to Find and Trade Intraday Reversal Times
Bank Nifty Nov Futures Open Interest Volume stood at 21.7 lakh, liquidation of 1.1 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 20 DMA @43395 , and closed below its 100/50 DMA suggesting sell on rise trend
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 43200 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 43600 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 43596 . 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 43746 , Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 43610 Tgt 43729, 43848 and 43976 ( BANK Nifty Spot Levels)
Sell Below 43525 Tgt 43412, 43323 and 43200 ( 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.