November 23,2023 Bank Nifty Breaks Gann Angle

By | November 23, 2023 12:53 am

Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Selling 749  contracts with a total value of 48 crores. This activity led to a increase of 5975 contracts in the Net Open Interest.

As Discussed in Last Analysis

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 broke the first 15 minutes low, experiencing a noticeable decline in response to the convergence of Gann and astro cycles, as discussed in the video below. Over the next two days, breaking today’s high and low is essential for signaling a potential trending move. The price has finally broken the Gann angle, as illustrated in the chart below, Unable to close above 1×2 gann angle at 43790 can lead to decline towards 42684/42394.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 43577 for a move towards 43788/43999. Bears will get active below 43367 for a move towards 43156/42945/42734

Traders may watch out for potential intraday reversals at 9:17, 10:51,11:40,12:57,2:13  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 01:11 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 43600 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 43500 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 .

As traders, we should spend each day stepping outside of our comfort zone so we improve.

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 43605 . 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 43560  , Which Acts As An Intraday Trend Change Level.

BANK Nifty Intraday Trading Levels

Buy Above 43500 Tgt 43610, 43729, and 43848  ( BANK  Nifty Spot Levels)

Sell Below 43412 Tgt 43323,43200 and 43080 ( 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.

Category: Bank Nifty Bank Nifty Astrology

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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