November 29,2023 Bank Nifty Trade Set up

By | November 28, 2023 11:40 pm

Foreign Institutional Investors (FIIs) exhibited a Bearish stance in the Bank Nifty Index Futures market by Shorting 321  contracts with a total value of 25 crores. This activity led to a increase of 63 contracts in the Net Open Interest.

As Discussed in Last Analysis

Bank Nifty formed a Inside Bar and NR7 today , Effect of Mars and Bayers Rule is  discussed in below video. Today we have Mars on the Move as its changing Sign, Bayer Rule 9: Big changes on market are when Mercury passes over 19 degrees 36 minutes of Scorpio and Sagittarius,also over 24 degrees 14 minutes of Capricorn. and Sun Square Saturn which is important for Indices, Multiple astro Aspect involving Mars which is a Energy Plannet can lead to powerful move. Monday is a trading Holiday so carry overnight positons with Hedge.

Bank Nifty is trading above its Sun and Mars Ingress High suggesting BUlls are having upper hand till Bulls are holding 43700-43729 range.

Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 44062 for a move towards 44270/44478. Bears will get active below 43854 for a move towards 43646/43438

Traders may watch out for potential intraday reversals at 09:32,10:05, 12:14,2:09  How to Find and Trade Intraday Reversal Times

Bank Nifty Nov Futures Open Interest Volume stood at 17 lakh, liquidation of 2.2 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 — Low made on 22 Nov 43230 and we are up 800+ points.

Bank Nifty is near its 20  DMA @44011, and closed above its 100/50 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 44000 strike, followed by the 44200 strike. On the put side, the 43600 strike has the highest OI, followed by the 43400 strike.This indicates that market participants anticipate Bank Nifty to stay within the 43500-44000 range. 

The Bank Nifty options chain shows that the maximum pain point is at 43800 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 .

My advice to any new traders is to seek a mentor who will offer you trading skills that will allow you to adapt to any market. What works one month may not work the next. But with fully developed trading skills, you can make the necessary adjustments.

For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 43627  . 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 43926 , Which Acts As An Intraday Trend Change Level.

BANK Nifty Intraday Trading Levels

Buy Above 43960 Tgt 44080, 44201 , and 44323 ( BANK  Nifty Spot Levels)

Sell Below 43850 Tgt 43729, 43639 and 43539 ( 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

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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